The Nigerian downstream petroleum sector saw notable fluctuations in depot prices between 24 and 28 February 2025, reflecting ongoing market dynamics influenced by global oil prices, forex fluctuations, and domestic supply chain constraints. This report provides a detailed breakdown of the opening and closing prices of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), and Aviation Turbine Kerosene (ATK) at major depots across the country, including Dangote Refinery, Dockyard, Coconut, Satellite, Port Harcourt, Delta, and Calabar depots.
Dangote Refinery Prices: A Sharp Decline in PMS
As Nigeria’s largest private refinery, Dangote Refinery recorded significant changes in PMS prices, while other products remained relatively stable.
- PMS: Opened at ₦901, closed at ₦837 (₦64 drop)
- AGO: Opened at ₦1033, closed at ₦1032 (₦1 drop)
- LPG: Opened at ₦820, closed at ₦825 (₦5 increase)
- ATK: Opened and closed at ₦1050 (no change)
The decline in PMS prices at Dangote suggests increased supply, which could be linked to enhanced domestic refining output and reduced import reliance. However, LPG prices edged up, reflecting strong demand in the domestic market.
Dockyard Axis Depot Prices: PMS and LPG Depreciation
The Dockyard axis, housing major depots such as Aiteo and Nipco, also experienced price fluctuations.
PMS Prices
- Aiteo: Opened at ₦901, closed at ₦840 (₦61 drop)
- Nipco: Opened at ₦907, closed at ₦860 (₦47 drop)
AGO Prices
- Nipco: Opened at ₦1042, closed at ₦1029 (₦13 drop)
- Aiteo: Opened at ₦1035, closed at ₦1030 (₦5 drop)
LPG Prices
- Nipco: Opened at ₦855, closed at ₦845 (₦10 drop)
- Navgas: Opened at ₦860, closed at ₦845 (₦15 drop)
PMS and LPG prices declined across Dockyard, indicating possible supply surpluses or softened demand.
Coconut Axis Depot Prices: PMS and AGO Depreciate Slightly
The Coconut axis, which includes depots like MRS Tincan, Bono, Ibeto, and Africa Terminal, also recorded significant price movements.
PMS Prices
- MRS Tincan: Opened at ₦902, closed at ₦836 (₦66 drop)
- Bono: Opened at ₦905, closed at ₦855 (₦50 drop)
AGO Prices
- Ibeto: Opened at ₦1035, closed at ₦1026 (₦9 drop)
- Africa Terminal: Opened at ₦1035, closed at ₦1025 (₦10 drop)
ATK Prices
- Duport: Opened at ₦1070, closed at ₦1065 (₦5 drop)
- Africa Terminal: Opened at ₦1070, closed at ₦1065 (₦5 drop)
With PMS and AGO prices falling, Coconut Axis reflects a weakened purchasing power or overstocking concerns in the market.
Satellite Axis Depot Prices: LPG Sees Significant Decline
The Satellite axis, home to Wosbab, Rainoil, AA Rano, Menj, and PPMC depots, witnessed mixed price trends.
PMS Prices
- Wosbab: Opened at ₦905, closed at ₦870 (₦35 drop)
- Rainoil: Opened at ₦900, closed at ₦870 (₦30 drop)
AGO Prices
- AA Rano: Opened at ₦1030, closed at ₦1023 (₦7 drop)
- Menj: Opened at ₦1035, closed at ₦1023 (₦12 drop)
LPG Prices
- Rainoil: Opened at ₦875, closed at ₦842 (₦33 drop)
- PPMC: Opened at ₦890, closed at ₦845 (₦45 drop)
The steep drop in LPG prices indicates a possible oversupply scenario or reduced household demand.
Port Harcourt Depot Prices: Stability in AGO
- PMS (Stockgap): Opened at ₦926, closed at ₦880 (₦46 drop)
- PMS (Masters): Opened at ₦907, closed at ₦880 (₦27 drop)
- AGO (Bulk Strategic): Opened at ₦1068, closed at ₦1065 (₦3 drop)
- LPG (Stockgap): Opened at ₦885, closed at ₦870 (₦15 drop)
AGO prices remained stable, possibly due to steady industrial demand.
Delta Depot Prices: Significant Declines in PMS and LPG
Delta depots, including A.Y.M Shafa, Matrix Warri, Prudent Oghara, Taurus, and Rainoil Warri, saw price fluctuations.
PMS Prices
- A.Y.M Shafa: Opened at ₦920, closed at ₦875 (₦45 drop)
- Matrix Warri: Opened at ₦920, closed at ₦875 (₦45 drop)
- Sharon: Opened at ₦918, closed at ₦875 (₦43 drop)
AGO Prices
- Prudent Oghara: Opened at ₦1054, closed at ₦1041 (₦13 drop)
- Matrix Warri: Opened at ₦1055, closed at ₦1050 (₦5 drop)
- Taurus: Opened at ₦1054, closed at ₦1042 (₦12 drop)
LPG Prices
- Prudent Oghara: Opened at ₦910, closed at ₦870 (₦40 drop)
- Matrix Warri: Opened at ₦895, closed at ₦870 (₦25 drop)
LPG experienced significant downward pricing pressure, suggesting higher supply levels than market demand.
Calabar Depot Prices: PMS Prices See Minimal Drop
- PMS (Sobaz): Opened at ₦925, closed at ₦911 (₦14 drop)
- PMS (Soroman): Opened at ₦924, closed at ₦908 (₦16 drop)
- PMS (Fynefield): Opened at ₦924, closed at ₦910 (₦14 drop)
Calabar’s mild PMS declines may indicate more stable regional demand.
Market Insights & Outlook
- PMS prices dropped sharply across all depots, likely due to increased domestic supply and reduced forex pressure on imports.
- AGO remained relatively stable, reflecting strong demand from the industrial and logistics sectors.
- LPG prices fell significantly, hinting at a supply-demand imbalance.
- ATK remained mostly unchanged, showing consistent aviation sector consumption.
Going forward, price trends will depend on refinery output, forex rates, and seasonal demand shifts.