The Nigerian downstream petroleum market recorded one of its steepest weekly price corrections in 2026, with depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) falling sharply across Lagos, Warri, Port Harcourt and Calabar as improving supply conditions coincided with a sustained decline in global crude oil prices.
Checks by Petroleumprice.ng show the market came under heavy downward pressure after the Strait of Hormuz remained fully open to commercial shipping throughout the week, easing fears of supply disruptions that had driven prices higher earlier in the Middle East conflict. Brent crude consequently slipped by about 7% over the week, its sharpest weekly decline since hostilities began prompting refiners and marketers to reprice products across the supply chain.
The correction was further reinforced locally after Dangote Refinery reduced its ex-gantry price during the week in response to lower international crude prices. The refinery's price adjustment, combined with stronger production availability and increased product supply across coastal depots, intensified competition among marketers.
Industry findings indicate many depot owners, particularly in Lagos, aggressively discounted existing inventories purchased at higher replacement costs rather than risk holding stocks in a rapidly falling market. Several marketers ultimately priced below Dangote Refinery's ex-gantry price to accelerate product evacuation and preserve cash flow ahead of further anticipated market corrections.
LAGOS DEPOTS
PMS (Monday – Friday Movement)
Aiteo: ₦1,160 → ₦1,123 (-₦37)
Bono: ₦1,160 → ₦1,125 (-₦35)
Integrated: ₦1,160 → ₦1,125 (-₦35)
Rain Oil: ₦1,162 → ₦1,130 (-₦32)
Aipec: ₦1,160 → ₦1,125 (-₦35)
Emadeb: ₦1,160 → ₦1,125 (-₦35)
Lagos remained the country's most competitive market. By Friday, several depots were selling PMS below Dangote Refinery's ₦1,125/litre ex-gantry price, highlighting the intensity of competition as marketers sought to liquidate inventories.
AGO (Monday – Friday Movement)
African Terminal: ₦1,500 → ₦1,435 (-₦65)
Duport: ₦1,480 → ₦1,435 (-₦45)
Ibeto: ₦1,480 → ₦1,435 (-₦45)
Menj: ₦1,485 → ₦1,440 (-₦45)
Emadeb: ₦1,505 → ₦1,440 (-₦65)
Rain Oil: ₦1,500 → ₦1,445 (-₦55)
Diesel prices also weakened considerably as increased availability coincided with softer industrial demand, forcing marketers to reduce margins to remain competitive.
WARRI DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,190 → ₦1,135 (-₦55)
Nepal: ₦1,188 → ₦1,133 (-₦55)
Prudent: ₦1,190 → ₦1,135 (-₦55)
AYM Shafa: ₦1,187 → ₦1,135 (-₦52)
Warri mirrored Lagos' bearish sentiment as steady inland supply and fresh coastal deliveries kept downward pressure on petrol prices.
AGO (Monday – Friday Movement)
Edo Refinery: ₦1,625 → ₦1,525 (-₦100)
Nipco: ₦1,604 → ₦1,568 (-₦36)
Rain Oil: ₦1,605 → ₦1,570 (-₦35)
Edo Refinery posted the largest diesel reduction in Warri, reflecting stronger supply availability within the western distribution corridor.
PORT HARCOURT DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,197 → ₦1,140 (-₦57)
Sigmund: ₦1,195 → ₦1,137 (-₦58)
Masters: ₦1,197 → ₦1,137 (-₦60)
AGO (Monday – Friday Movement)
Matrix: ₦1,560 → ₦1,505 (-₦55)
Sigmund: ₦1,560 → ₦1,503 (-₦57)
Port Harcourt recorded broad-based price reductions as improved product inflows from Dangote Refinery and coastal vessel deliveries strengthened supply across eastern depots.
CALABAR DEPOTS
PMS (Monday – Friday Movement)
Northwest: ₦1,195 → ₦1,145 (-₦50)
Soroman: ₦1,188 → ₦1,140 (-₦48)
Calabar prices also trended lower during the week as improved supply into the South-South corridor reduced replacement cost pressures.
Market Outlook
The week's sharp correction reflects the combined impact of international and domestic market fundamentals. Internationally, the reopening of the Strait of Hormuz restored confidence in global crude supply, sending Brent crude down by roughly 7% during the week its biggest weekly decline since the Middle East conflict began.
Domestically, Dangote Refinery's decision to lower its ex-gantry price quickly filtered through the downstream market. At the same time, higher product availability, stronger coastal product inflows and fresh vessel arrivals significantly improved stock levels nationwide.
The most intense competition remained in Lagos, where several independent depot owners priced petrol below Dangote Refinery's ex-gantry level in a determined effort to clear older inventories acquired when crude oil traded substantially higher. Diesel prices also continued to soften as abundant supply outweighed current buying interest.
Looking ahead, depot pricing is expected to remain under pressure if crude oil continues to trade below recent highs and product availability remains robust. However, any renewed disruption around the Strait of Hormuz or a sharp rebound in international crude prices could quickly reverse the current downward trend.