Between 1st and 5th September 2025, depot prices across Nigeria’s downstream hubs Lagos, Warri, Port Harcourt, and Calabar displayed a sharp duality. Premium Motor Spirit (PMS) stayed competitive in some depots, while others surged past ₦1,000/litre. Automotive Gas Oil (AGO) showed similar fragmentation, with Port Harcourt offering unusually low benchmarks and Calabar widening the spread between operators.
Premium Motor Spirit (PMS) – Price Trends
Lagos Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Dangote | 821 | 826 | +5 |
| Wosbab | 822 | 850 | +28 |
| Rain Oil | 824 | 850 | +26 |
Analysis: Lagos depots saw a significant jump in PMS pricing. Dangote held the most stable at ₦821–₦826, while Wosbab and Rain Oil surged above ₦870/litre, reflecting tighter supply from private importers and competitive adjustments linked to forex exposure.
Warri Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 840 | 865 | +25 |
| Rain Oil | 840 | 875 | +35 |
Analysis: Warri PMS remained volatile. Matrix closed the week at ₦865, while Rain Oil spiked to ₦875, highlighting rising haulage premiums into the North-Central corridor and limited allocations for smaller marketers.
Port Harcourt Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Prudent | 840 | 865 | +25 |
| Sahara | 830 | 830 | 0 |
Analysis: Port Harcourt pricing remained competitive, with Prudent ticking upwards to ₦865. Sahara held steady at ₦830, giving the hub a relative pricing edge for Eastern and South-South trucking.
Calabar Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 843 | 865 | +22 |
| Alkanes | 840 | 870 | +30 |
Analysis: Calabar depots mirrored the national uptick, with Matrix at ₦865 and Alkanes stretching to ₦870. Cargo scheduling delays into Cross River contributed to the upward correction.
Automotive Gas Oil (AGO) – Price Trends
Lagos Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Dangote | 962 | 962 | 0 |
| Wosbab | 974 | 980 | +6 |
| Rain Oil | 972 | 1000 | +28 |
Analysis: Diesel in Lagos diverged sharply. Dangote held steady at ₦962, Wosbab edged up to ₦980, while Rain Oil escalated to ₦1,000/litre, underscoring widening gaps in supply economics.
Warri Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 1008 | 1020 | +12 |
| Taurus | 1008 | 1013 | +5 |
Analysis: Warri AGO closed higher, with Matrix climbing to ₦1,020 and Taurus moderating at ₦1,013. Both trends reflected elevated cargo costs and trucking adjustments into industrial hubs.
Market Insight & Outlook
Between 1st–5th September, Nigeria’s downstream market transitioned into a higher pricing band, driven by forex pressure, tight cargo scheduling, and trucking premiums:
- PMS: Lagos anchored stability via Dangote, but Wosbab and Rain Oil surged above ₦850. Warri and Calabar trended in the ₦865–₦875 range, while Port Harcourt retained its competitive edge.
- AGO: Diesel costs widened regionally. Lagos and Warri trended above ₦1,000/litre, while Port Harcourt stayed under ₦1,000, offering temporary relief for Eastern industries.
Outlook: With Dangote refinery output still ramping and NMDPRA’s import allocations tightening, September is likely to sustain a dual-tier market. PMS may hover between ₦820–₦870 at competitive depots but breach ₦900 in premium channels. AGO will remain volatile, shaped by coastal inflows, modular refinery supply, and industrial demand cycles