Nigeria’s downstream petroleum market recorded a broad-based decline in depot prices during the first trading week of August, with Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) prices falling across the major supply hubs.
The downward movement became more pronounced after Dangote Petroleum Refinery reduced its ex-depot prices on August 5, cutting its petrol gantry price to ₦1,165 per litre from ₦1,215 and diesel to ₦1,570 per litre from ₦1,650. The reduction particularly influenced the Lagos market, where private depots responded with successive price reviews.
The week’s trading pattern showed that the Lagos market remained the most competitive, while Warri, Port Harcourt and Calabar also recorded significant reductions. The adjustments reflected stronger competition among depot operators, changing replacement-cost expectations and increased pressure to move existing inventories.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
MRS Tincan: ₦1,222 → ₦1,172 (-₦50)
Pinnacle: ₦1,215 → ₦1,165.70 (-₦49.30)
Aiteo: ₦1,217 → ₦1,168 (-₦49)
Nipco: ₦1,218 → ₦1,168 (-₦50)
Integrated: ₦1,218 → ₦1,169 (-₦49)
African Terminal: ₦1,218 → ₦1,169 (-₦49)
The Lagos PMS market recorded one of its sharpest weekly declines in recent weeks, with monitored depots cutting prices by about ₦49–₦50 per litre. The reductions closely followed Dangote Refinery’s August 5 price cut and subsequent downward reviews by private depot operators.
AGO (Monday–Friday Movement)
African Terminal: ₦1,650 → ₦1,550 (-₦100)
Integrated: ₦1,650 → ₦1,550 (-₦100)
Duport: ₦1,650 → ₦1,550 (-₦100)
Ibachem: ₦1,650 → ₦1,550 (-₦100)
Gulf Treasure: ₦1,650 → ₦1,550 (-₦100)
Ibeto: ₦1,630 → ₦1,550 (-₦80)
T.Time: ₦1,630 → ₦1,560 (-₦70)
Wosbab: ₦1,630 → ₦1,555 (-₦75)
TMDK: ₦1,625 → ₦1,555 (-₦70)
Menj: ₦1,620 → ₦1,575 (-₦45)
Lagos recorded an even steeper correction in AGO prices, with several major depots cutting diesel prices by ₦100 per litre. The scale of the decline points to intense competition among depot operators and growing pressure to clear inventories as market participants adjusted to lower refinery prices.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,225 → ₦1,187 (-₦38)
A.Y.M Shafa: ₦1,227 → ₦1,187 (-₦40)
Warri’s monitored PMS depots also recorded significant declines during the week. Matrix reduced its price by ₦38 per litre, while A.Y.M Shafa recorded a ₦40 reduction, indicating that the downward pressure seen in Lagos was also spreading into the South-South market.
AGO (Monday–Friday Movement)
Matrix: ₦1,675 → ₦1,587 (-₦88)
A.Y.M Shafa: ₦1,675 → ₦1,587 (-₦88)
Nipco: ₦1,650 → ₦1,591 (-₦59)
Warri’s diesel market recorded substantial price reductions, led by Matrix and A.Y.M Shafa, which both cut their prices by ₦88 per litre. Nipco followed with a ₦59 reduction, reflecting the broader weakness in AGO prices across the coastal market.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,225 → ₦1,197 (-₦28)
Sigmund: ₦1,225 → ₦1,180 (-₦45)
Liquid Bulk: ₦1,220 → ₦1,197 (-₦23)
Port Harcourt recorded a moderate decline in PMS prices compared with Lagos and Warri. Sigmund posted the largest reduction among the monitored depots, cutting its price by ₦45 per litre, while Matrix and Liquid Bulk recorded smaller declines.
AGO (Monday–Friday Movement)
Matrix: ₦1,675 → ₦1,587 (-₦88)
Sigmund: ₦1,675 → ₦1,605 (-₦70)
Diesel prices also declined significantly in Port Harcourt. Matrix recorded an ₦88 reduction, while Sigmund cut its price by ₦70 per litre, maintaining the broader bearish trend across the major coastal markets.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Mainland: ₦1,218 → ₦1,180 (-₦38)
Soroman: ₦1,220 → ₦1,180 (-₦40)
Sobaz: ₦1,220 → ₦1,180 (-₦40)
Calabar’s PMS market followed the national downward trend, with all three monitored depots reducing prices by between ₦38 and ₦40 per litre.
AGO (Monday–Friday Movement)
Fynefield: ₦1,650 → ₦1,595 (-₦55)
In Calabar Fynefield reduced Its diesel price by ₦55 per litre during the review period.
MARKET OUTLOOK
The first week of August produced a clear downward shift in Nigeria’s depot market, with the strongest adjustments recorded in Lagos. Dangote Refinery’s August 5 reduction provided a major reference point for the market, particularly after its petrol price fell by ₦50 per litre and diesel by ₦80 per litre.
The subsequent response from private depots shows how quickly refinery pricing can influence the broader coastal market. However, the size and speed of some reductions also point to intense competition for product evacuation as marketers reassess inventory positions, replacement costs and expected demand.
Going into the second week of August, depot prices are likely to remain sensitive to further refinery price reviews, import replacement costs, crude oil movements and domestic demand. The extent to which private depots sustain the reductions will depend largely on the cost of replenishing their inventories and the level of competition for market share.