As of Saturday, July 26, 2025, depot prices across Nigeria’s major petroleum corridors showed minor fluctuations. Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) recorded slight declines, while Aviation Turbine Kerosene (ATK) saw marginal gains. Liquefied Petroleum Gas (LPG) remained largely stable across Lagos (Coconut, Satellite, Dockyard), Delta (Warri), Port Harcourt, Calabar, and the Dangote Refinery in Lekki.
Dangote Refinery Price Trends
| Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| PMS | 820.5 | 819.5 | -1 |
| AGO | 994 | 991 | -3 |
| LPG | 795 | 795 | 0 |
| ATK | 1005 | 1010 | +5 |
Analysis:
PMS and AGO dipped modestly, reflecting subdued demand or improved supply. ATK rose slightly, indicating firming aviation sector consumption. LPG held steady, suggesting balanced inventory and offtake.
Coconut Axis Depot Prices
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Fatgbems | PMS | 820 | 816 | -4 |
| Aipec | PMS | 820 | 816 | -4 |
| Ibeto | AGO | 1010 | 1005 | -5 |
| Integrated | AGO | 1010 | 1008 | -2 |
| TechnoGas | LPG | 815 | 815 | 0 |
Analysis:
PMS dropped by ₦4 at both Fatgbems and Aipec, likely due to low retail turnover. Diesel (AGO) declines of up to ₦5 signal oversupply. LPG prices remained flat amid steady demand.
Satellite Axis Depot Prices
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Menj | PMS | 819 | 815 | -4 |
| AA Rano | PMS | 820 | 816 | -4 |
| Wosbab | AGO | 1015 | 1006 | -9 |
| Chipet | AGO | 1010 | 1000 | -10 |
| RainOil | LPG | 850 | 850 | 0 |
Analysis:
Satellite depots saw parallel PMS drops of ₦4/litre. Diesel dipped more sharply, especially at Chipet. LPG stability suggests tight supply balancing.
Dockyard Axis Depot Prices
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Nipco | PMS | 818 | 818 | 0 |
| Aiteo | PMS | 819 | 815 | -4 |
| Matrix | PMS | 820 | 815 | -5 |
| Nipco | AGO | 1010 | 1010 | 0 |
| Ardova | AGO | 1010 | 1008 | -2 |
| Navgas | LPG | 875 | 875 | 0 |
| Ardova | LPG | 822 | 815 | -7 |
Analysis:
Dockyard terminals reported minor PMS and AGO drops. Ardova’s LPG decline suggests declining marine discharge or inventory cuts.
Delta Axis Depot Prices (Warri)
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Matrix Warri | PMS | 838 | 832 | -6 |
| First Fortune | PMS | 840 | 836 | -4 |
| Zamson | PMS | 838 | 829 | -9 |
| A.Y.M | AGO | 1050 | 1030 | -20 |
| Taurus | AGO | 1040 | 1030 | -10 |
| First Fortune | AGO | 1035 | 1030 | -5 |
| Matrix Warri | ATK | 1010 | 1010 | 0 |
Analysis:
PMS weakened sharply at Zamson. Diesel dropped ₦20 at AYM, indicating excess supply. ATK remained fixed.
Port Harcourt Depot Overview
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Liquid Bulk | PMS | 850 | 840 | -10 |
| Matrix | PMS | 850 | 840 | -10 |
| Ever | PMS | 850 | 840 | -10 |
| Bulk Strategic | AGO | 1060 | 1039 | -21 |
| Master | AGO | 1052 | 1042 | -10 |
Analysis:
Port Harcourt witnessed parallel PMS drops of ₦10 across major depots. Diesel fell substantially at Bulk Strategic, pointing to softened demand.
Calabar Depot Summary
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Soroman | PMS | 840 | 838 | -2 |
| Alkanes | PMS | 840 | 838 | -2 |
| Matrix | PMS | 848 | 838 | -10 |
| Zone 4 | PMS | 848 | 838 | -10 |
Analysis:
Calabar PMS prices trended downward across all outlets. Matrix and Zone 4 both dropped ₦10, suggesting increasing regional competition or rising stock.
Market Insight and Outlook
Depot price movements between 21st and 25th July 2025 point to ongoing market corrections in response to supply influxes and lower demand.
- PMS: Generally dipped across all depots, especially in Delta and Port Harcourt.
- AGO: Declines were more pronounced in inland and southern depots, with no depot reporting gains.
- LPG: Held firm in most locations; few selective drops at Ardova.
- ATK: Remained stable, with only Dangote recording a minor increase.
As domestic refining output stabilises and global benchmarks stay below $70/barrel, downstream players continue adjusting to real-time inventory levels and logistics constraints. Next week’s data will confirm whether this trend solidifies or rebounds.