The Nigerian downstream petroleum market recorded another broad-based decline in depot prices during the week, with Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices falling across major depots as product availability improved and international crude oil prices remained under pressure.
Checks by Petroleumprice.ng show the market was driven lower by a combination of easing global supply concerns and stronger domestic supply. Brent crude traded around $72 per barrel for most of the week while WTI remained below $69 per barrel, as vessel traffic through the Strait of Hormuz continues to improve following the ceasefire agreement between the United States and Iran, easing fears of supply disruptions.
The domestic market received a further boost after Dangote Petroleum Refinery reduced its PMS ex-gantry price from ₦1,125 to ₦1,075 per litre and aligned its coastal loading price at ₦1,075 per litre. The refinery also suspended its consortium marketing arrangement, opening gantry loading to all qualified marketers. The move intensified competition, discouraged petrol imports and triggered another round of price reductions across private depots.
LAGOS DEPOTS
PMS (Monday – Friday Movement)
Aiteo: ₦1,121 → ₦1,075 (-₦46)
Nipco: ₦1,124 → ₦1,078 (-₦46)
Bono: ₦1,121 → ₦1,079 (-₦42)
African Terminal: ₦1,121 → ₦1,079 (-₦42)
Integrated: ₦1,121 → ₦1,079 (-₦42)
Aipec: ₦1,121 → ₦1,079 (-₦42)
Lagos remained the country's most competitive petrol market as depot owners adjusted prices almost immediately after Dangote's latest gantry reduction.
AGO (Monday – Friday Movement)
Rain Oil: ₦1,505 → ₦1,445 (-₦60)
Menj: ₦1,500 → ₦1,440 (-₦60)
Ibeto: ₦1,500 → ₦1,440 (-₦60)
PORT HARCOURT DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,138 → ₦1,095 (-₦43)
Sigmund: ₦1,134 → ₦1,094 (-₦40)
Liquid Bulk: ₦1,132 → ₦1,094 (-₦38)
AGO (Monday – Friday Movement)
Sigmund: ₦1,483 → ₦1,461 (-₦22)
Matrix: ₦1,485 → ₦1,520 (+₦35)
Port Harcourt recorded another week of softer PMS prices, although diesel pricing remained mixed as replacement costs differed across operators.
WARRI DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,133 → ₦1,090 (-₦43)
Prudent: ₦1,133 → ₦1,090 (-₦43)
AGO (Monday – Friday Movement)
AYM Shafa: ₦1,569 → ₦1,458 (-₦111)
Warri maintained a bearish trend as stronger inland supply continued to weigh on depot prices, with AYM Shafa recording the week's sharpest diesel reduction.
CALABAR DEPOTS
PMS (Monday – Friday Movement)
Soroman: ₦1,138 → ₦1,095 (-₦43)
Fynefield: ₦1,138 → ₦1,097 (-₦41)
Calabar also joined the downward trend as improved product availability across the South-South corridor continued to reduce replacement costs.
Market Outlook
This week's correction underscores the growing influence of both international and domestic market fundamentals on Nigeria's downstream sector. The continued decline in global crude oil prices, improved vessel movement through the Strait of Hormuz, stronger nationwide product availability, and Dangote Refinery's decision to cut both gantry and coastal loading prices while opening product loading to all marketers combined to intensify competition across the market. If crude prices remain around current levels and supply continues to improve, depot prices are expected to remain under pressure in the coming week, although any renewed geopolitical disruption or sharp rebound in crude prices could quickly reverse the current trend.