Nigeria's downstream petroleum market extended its bearish momentum during the final trading week of July as depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) declined across most major supply hubs. The broad-based price moderation reflected improved product availability, increased competition among private depot owners and easing replacement cost pressures, despite international crude oil prices remaining relatively firm throughout the week.
Unlike previous weeks when marketers adjusted prices upwards in response to refinery pricing and crude market volatility, the review period saw marketers aggressively compete for product offtake, particularly in Lagos, Warri and Port Harcourt. Several depot owners implemented multiple intra-day price reviews, with final closing prices settling below Monday's opening offers. The frequent downward revisions highlighted softer market sentiment as supply continued to outpace immediate demand.
The week's trading pattern also reflected improved inland product distribution from coastal depots, reducing regional supply tightness and encouraging more competitive pricing. Across virtually all petroleum product hubs, independent marketers maintained a cautious pricing strategy as they monitored inventory levels, freight costs and prevailing market demand before adjusting depot offers.
LAGOS DEPOTS
PMS (Monday – Friday Movement)
MRS Tincan: ₦1,224 → ₦1,222 (-₦2)
Pinnacle: ₦1,222 → ₦1,216 (-₦6)
Aiteo: ₦1,220 → ₦1,216 (-₦4)
Emadeb: ₦1,225 → ₦1,217 (-₦8)
Nipco: ₦1,218 → ₦1,216 (-₦2)
Ardova: ₦1,223 → ₦1,217 (-₦6)
Ascon: ₦1,220 → ₦1,216 (-₦4)
Shema: ₦1,220 → ₦1,216 (-₦4)
Lagos remained the country's most competitive petrol market during the review period, with every monitored depot ending the week below Monday's opening price. The frequent price reviews recorded throughout the week reflected aggressive competition among marketers seeking to stimulate product evacuation. Emadeb posted the largest decline, shedding ₦8 per litre, while Pinnacle and Ardova each lost ₦6 per litre. Overall, the Lagos PMS market remained adequately supplied, allowing marketers to sustain price reductions despite relatively stable international crude prices.
AGO (Monday – Friday Movement)
African Terminal: ₦1,635 → ₦1,630 (-₦5)
Integrated: ₦1,635 → ₦1,630 (-₦5)
Duport: ₦1,635 → ₦1,630 (-₦5)
Ibachem: ₦1,635 → ₦1,630 (-₦5)
Gulf Treasure: ₦1,635 → ₦1,630 (-₦5)
Ibeto: ₦1,640 → ₦1,630 (-₦10)
Wosbab: ₦1,635 → ₦1,640 (+₦5)
TMDK: ₦1,645 → ₦1,640 (-₦5)
Aiteo: ₦1,645 → ₦1,640 (-₦5)
Diesel prices also softened across Lagos, with most depots trimming between ₦5 and ₦10 per litre by Friday. Ibeto recorded the sharpest decline, while Wosbab was the only depot to close the week slightly above its Monday price after recovering from earlier intra-week reductions. The overall trend suggests improved diesel availability and cautious buying activity among industrial consumers.
WARRI DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,246 → ₦1,228 (-₦18)
Rain Oil: ₦1,268 → ₦1,230 (-₦38)
Optima: ₦1,245 → ₦1,228 (-₦17)
Warri recorded the steepest PMS decline among the major trading hubs. Rain Oil led the downward movement after reducing its petrol price by ₦38 per litre during the week, while Matrix and Optima also posted notable reductions. The sustained price cuts indicate improved supply conditions and intensified competition among depot operators serving the South-South market.
AGO (Monday – Friday Movement)
Matrix: ₦1,720 → ₦1,680 (-₦40)
Rain Oil: ₦1,720 → ₦1,660 (-₦60)
Nipco: ₦1,705 → ₦1,670 (-₦35)
Prudent: ₦1,710 → ₦1,670 (-₦40)
Zamson: ₦1,680 → ₦1,660 (-₦20)
A.Y.M Shafa: ₦1,690 → ₦1,680 (-₦10)
Diesel prices in Warri followed a similar downward trajectory, with Rain Oil recording the largest decline of ₦60 per litre. The reductions across virtually all depots reflected stronger product availability and softer replacement cost expectations compared with previous weeks.
PORT HARCOURT DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,255 → ₦1,225 (-₦30)
Sigmund: ₦1,250 → ₦1,222 (-₦28)
Port Harcourt's PMS market maintained a steady downward trend throughout the week. Matrix and Sigmund both implemented multiple price reviews before closing significantly below Monday's levels, highlighting increased competition and steady product inflows into the Rivers market.
AGO (Monday – Friday Movement)
Matrix: ₦1,720 → ₦1,680 (-₦40)
Sigmund: ₦1,720 → ₦1,680 (-₦40)
Diesel prices in Port Harcourt declined uniformly, with both monitored depots cutting prices by ₦40 per litre. The equal price movement suggests marketers responded to similar market conditions, particularly improved supply and reduced pressure on replacement costs.
CALABAR DEPOTS
PMS (Monday – Friday Movement)
Mainland: ₦1,250 → ₦1,220 (-₦30)
Calabar also recorded a notable decline in petrol pricing, with Mainland reducing its PMS offer by ₦30 per litre over the review period. The adjustment reflects the broader nationwide trend of easing depot prices as product availability improved across the downstream supply chain.
Market Outlook
The consistent decline in depot prices across Lagos, Warri, Port Harcourt and Calabar indicates that Nigeria's downstream petroleum market is entering August on a relatively stable footing. Improved product availability, increased competition among independent depot owners and softer replacement cost expectations continue to support downward price adjustments despite fluctuations in international crude oil prices.
Market participants will closely monitor refinery supply volumes, international crude movements and domestic logistics costs in the coming week. Should supply remain robust and crude prices avoid a sustained rally, depot prices are expected to remain largely stable, with further marginal reductions possible in highly competitive trading locations such as Lagos and Warri.