As of Saturday, July 12, 2025, depot prices across Nigeria recorded significant shifts, with Premium Motor Spirit (PMS) and Liquefied Petroleum Gas (LPG) experiencing consistent drops across key markets. Automotive Gas Oil (AGO) prices fluctuated, showing both declines and increases depending on regional demand dynamics.
This five-day review covers depot movements from Monday 7th to Friday 11th July, focusing on key petroleum corridors: Lagos (Coconut, Satellite, Dockyard), Delta (Warri/Edo), Port Harcourt, and Calabar.
Dangote Refinery Price Trends
| Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|
| PMS | 839 | 819 | −20 |
| LPG | 865 | 800 | −65 |
| ATK | 1005 | 1005 | 0 |
Analysis:
Dangote Refinery led price cuts with a ₦20 drop in PMS and a steep ₦65 drop in LPG. ATK remained unchanged. The adjustments reflect strategic repositioning amid increasing private depot competition and growing market supply.
Coconut Axis Depot Prices
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Bovas | PMS | 839 | 821 | −18 |
| Aipec | PMS | 840 | 821 | −19 |
| Ibeto | AGO | 1020 | 1008 | −12 |
| Integrated | AGO | 1095 | 1008 | −87 |
Analysis:
Depots in Coconut corridor responded with aggressive PMS and AGO reductions. Integrated’s ₦87 drop in AGO was the sharpest in the area. PMS fell almost ₦20/litre, making Coconut a price-sensitive zone for marketers.
Satellite Axis Depot Prices
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Menj | PMS | 840 | 821 | −19 |
| Rain Oil | PMS | 840 | 825 | −15 |
| Menj | AGO | 1100 | 998 | −102 |
| TMDK | AGO | 986 | 999 | +13 |
| AA Rano | LPG | 885 | 885 | 0 |
| Rain Oil | ATK | 1030 | 1025 | −5 |
Analysis:
Satellite depots posted the week’s largest PMS drop, with Rain Oil reducing by a record ₦115/litre. AGO fell sharply at Manj, while TMDK posted a slight increase. LPG remained stable at AA Rano, and ATK softened mildly.
Dockyard Axis Depot Prices
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Nipco | PMS | 844 | 826 | −18 |
| Aiteo | PMS | 837 | 822 | −15 |
| Nipco | AGO | 1020 | 1000 | −20 |
| Aiteo | AGO | 1000 | 998 | −2 |
| Navgas | LPG | 880 | 875 | −5 |
| Ardova | LPG | 870 | 825 | −45 |
Analysis:
Dockyard saw moderate declines across all products. PMS dropped slightly, while Ardova’s LPG price slashed by ₦45, positioning it among the most competitive LPG depots in Lagos.
Delta Axis Depot Prices (Warri/Edo)
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Matrix Warri | PMS | 860 | 853 | −7 |
| First Fortune | PMS | 850 | 840 | −10 |
| Zamson | PMS | 858 | 853 | −5 |
| Edo Refinery | AGO | 1005 | 1020 | +15 |
| Taurus | AGO | 1000 | 1030 | +30 |
| First Fortune | AGO | 995 | 1020 | +25 |
| Matrix Warri | ATK | 1010 | 1010 | 0 |
Analysis:
Delta depots displayed mixed activity. PMS fell modestly, but AGO prices rebounded sharply, especially at Taurus (+₦30) and First Fortune (+₦25). ATK held steady, signalling balanced supply conditions.
Port Harcourt Depot Overview
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| TSL | PMS | 858 | 857 | −1 |
| Sigmund | PMS | 860 | 858 | −2 |
| Ever | PMS | 860 | 858 | −2 |
| Bulk Strategic | AGO | 1000 | 1025 | +25 |
| Master | AGO | 1005 | 1040 | +35 |
| Stockgap | LPG | 860 | 860 | 0 |
Analysis:
PMS in Port Harcourt posted minimal changes, while AGO jumped significantly—Bulk Strategic rose ₦25, and Master added ₦35/litre. LPG remained unchanged at Stockgap, indicating long-term pricing stability.
Calabar Depot Summary
| Depot | Product | Opening (₦/L) | Closing (₦/L) | Change |
|---|---|---|---|---|
| Soroman | PMS | 865 | 840 | −25 |
| Alkanes | PMS | 865 | 840 | −25 |
| Matrix | PMS | 865 | 845 | −20 |
| Fynefield | AGO | 1005 | 1020 | +15 |
Analysis:
Calabar depots reduced PMS consistently, with all three reporting ₦20–₦25/litre cuts. However, Fynefield increased AGO by ₦15/litre, pointing to rising diesel demand in the southeast corridor.
Market Insight and Outlook
The price shifts recorded from 7th to 11th July 2025 reflect dynamic supply conditions and active depot competition:
- PMS: Major drops led by Rain Oil (₦15 cut), Dangote (₦20), and Aipec/Bovas (₦18–₦19).
- AGO: Prices were mixed. While Coconut and Satellite saw steep cuts, Delta and Port Harcourt posted significant increases.
- LPG: Widespread reductions, especially at Dangote (₦65) and Ardova (₦45).
- ATK: Minimal activity, suggesting stable jet fuel demand.
With Brent crude hovering below $69/barrel and ongoing supply gains from domestic refining and imports, depot operators are expected to adjust further in the week ahead.