Between 25th and 29th August 2025, depot prices across Nigeria’s downstream sector recorded mixed shifts. Premium Motor Spirit (PMS) slipped in Lagos and Warri, while Calabar posted sharper declines. Automotive Gas Oil (AGO) mirrored the same volatility, with steep drops recorded at Wosbab in Lagos and Matrix in Warri.
Premium Motor Spirit (PMS) – Price Trends
Lagos Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Dangote | 822 | 821 | -1 |
| Wosbab | 830 | 822 | -8 |
| Rain Oil | 840 | 824 | -16 |
Analysis: Lagos PMS depots corrected downwards. Rain Oil posted the steepest fall (-₦16), while Dangote and Wosbab also trended lower. Softer trucking costs and steady inflows eased pressure on Lagos depots.
Warri Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 845 | 840 | -5 |
| Rain Oil | – | 840 | – |
Analysis: Warri PMS shed between ₦5 reflecting weaker regional demand and tighter arbitrage margins to the hinterlands.
Calabar Depot Prices (PMS)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 850 | 841 | -9 |
| Alkanes | 847 | 842 | -5 |
Analysis: Calabar PMS prices slumped, with Alkanes registering a sharp ₦5/litre cut, while Matrix eased by ₦9. Reduced vessel inflows into the Cross River axis likely pressured supply tightness.
Automotive Gas Oil (AGO) – Price Trends
Lagos Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Dangote | 963 | 963 | 0 |
| Wosbab | 1,030 | 974 | -56 |
| Rain Oil | 975 | 975 | 0 |
Analysis: Diesel at Lagos depots diverged. Wosbab slashed by ₦56/litre in aggressive price competition, while Dangote and Rain Oil held steady, pointing to supply balance.
Warri Depot Prices (AGO)
| Depot | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| Matrix | 1,015 | – | – |
| TAURUS | 1,015 | 1,010 | -5 |
Analysis: Warri diesel prices declined moderately, with Matrix remaining the same and TAURUS ₦5. The trend highlights softer industrial offtake and pricing alignment with Lagos benchmarks.
Market Insight & Outlook
Between 25th–29th August, PMS prices corrected downward across Lagos, Warri, and Calabar, a reversal from earlier firming. In contrast, AGO showed sharper volatility, particularly at Lagos’ Wosbab and Warri’s Matrix.
Outlook: With tanker arrivals stable, PMS is likely to remain under mild downward pressure in early September. AGO, however, will stay volatile, shaped by regional industrial demand and competitive pricing strategies among private depots.