Nigeria’s downstream petroleum market recorded a sharp regional divergence in depot prices within the trading week, as products availability varied significantly across key trading locations.
The latest weekly review by Petroleumprice.ng shows that Lagos PMS prices remained around ₦1,350 per litre, while Warri, Port Harcourt and Calabar recorded notable reductions, with Calabar prices falling to as low as ₦1,330 per litre.
The movements were particularly pronounced in PMS, where increased distribution of Dangote Refinery products to the regional markets improved availability and supported lower depot prices, while tighter allocations to some Lagos marketers kept the Lagos market comparatively firm.
Internationally, Brent crude traded above $108 per barrel during the week before easing to about $103.87 per barrel before the close of trading.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
African Terminal: ₦1,350 → ₦1,351 (+₦1)
Integrated: ₦1,350 → ₦1,351 (+₦1)
Ascon: ₦1,350 → ₦1,351 (+₦1)
Sahara: ₦1,352 → ₦1,351 (-₦1)
Pinnacle: ₦1,352 → ₦1,350.50 (-₦1.50)
MRS Tincan: ₦1,357 → ₦1,352 (-₦5)
Lagos PMS prices remained broadly firm during the week, with the average across depots easing marginally.
MRS Tincan recorded the largest reduction at ₦5 per litre, followed by Pinnacle at ₦1.50. Sahara declined by ₦1, while African Terminal, Integrated and Ascon each increased by ₦1 per litre.
The limited movement reflected the tighter PMS supply position in Lagos during the week, as Dangote Refinery restricted allocations to Lagos-based marketers over concerns involving operators holding import licences.
AGO (Monday–Friday Movement)
Pivot: ₦1,850 → ₦1,945 (+₦95)
Eterna: ₦2,050 → ₦1,950 (-₦100)
Ibeto: ₦1,835 → ₦1,840 (+₦5)
African Terminal: ₦1,850 → ₦1,840 (-₦10)
Duport: ₦1,850 → ₦1,840 (-₦10)
Integrated: ₦1,850 → ₦1,840 (-₦10)
Ibachem: ₦1,850 → ₦1,840 (-₦10)
Ascon: ₦1,850 → ₦1,840 (-₦10)
Pinnacle: ₦1,855 → ₦1,850.50 (-₦4.50)
Wosbab: ₦1,855 → ₦2,100 (+₦245)
Chipet: ₦1,855 → ₦1,950 (+₦95)
Lagos AGO recorded wider price movements than PMS, with Wosbab recorded the largest increase, rising ₦245 per litre to ₦2,100, while Pivot and Chipet each gained ₦95. Eterna recorded the largest decline, falling ₦100 from ₦2,050 to ₦1,950. African Terminal, Duport, Integrated, Ibachem and Ascon each reduced their AGO prices by ₦10 per litre to ₦1,840.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Nepal: ₦1,355 → ₦1,335 (-₦20)
Optima: ₦1,355 → ₦1,335 (-₦20)
Matrix: ₦1,360 → ₦1,335 (-₦25)
Keonamex: ₦1,360 → ₦1,335 (-₦25)
Warri recorded a broad PMS price reduction with all major depots. The average price fell from ₦1,357.50 per litre on Monday to ₦1,335 on Friday, representing a ₦22.50 reduction. Matrix and Keonamex posted the largest declines at ₦25 per litre each, while Nepal and Optima fell by ₦20.
The reduction came as increased distribution of Dangote Refinery PMS into the regional market improved product availability, giving marketers greater room to compete on wholesale prices.
AGO (Monday–Friday Movement)
Matrix: ₦2,030 → ₦2,100 (+₦70)
Prudent: ₦1,950 → ₦1,958 (+₦8)
Warri AGO prices moved higher during the week, with the average across depots increasing from ₦1,990 per litre to ₦2,029. Matrix recorded a ₦70 increase to ₦2,100, while Prudent rose ₦8 to ₦1,958.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
Masters: ₦1,350 → ₦1,333 (-₦17)
Stockgap: ₦1,350 → ₦1,332 (-₦18)
Liquid Bulk: ₦1,350 → ₦1,335 (-₦15)
Sigmund: ₦1,350 → ₦1,335 (-₦15)
TSL: ₦1,350 → ₦1,332 (-₦18)
Port Harcourt’s PMS depots all recorded lower prices by Friday, taking the average from ₦1,350 per litre to ₦1,333.40. Stockgap and TSL posted the largest reductions at ₦18 per litre, closing at ₦1,332. Masters fell ₦17, while Liquid Bulk and Sigmund declined by ₦15 each.
The lower prices followed stronger availability of Dangote Refinery PMS in the regional market, where additional supplies helped increase competition among depot operators.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Soroman: ₦1,350 → ₦1,335 (-₦15)
Northwest: ₦1,355 → ₦1,330 (-₦25)
Calabar recorded the largest average PMS reduction among the four markets, with prices falling from an average of ₦1,352.50 per litre to ₦1,332.50. Northwest recorded the sharper decline at ₦25 per litre, closing at ₦1,330, while Soroman fell ₦15 to ₦1,335.
The increased distribution of Dangote Refinery PMS to Calabar improved local availability and supported lower wholesale offers. Calabar was also the clearest market where depot prices moved below the refinery’s gantry benchmark during the week.
MARKET OUTLOOK
Nigeria’s depot market recorded mixed movements during the week, with PMS prices falling across Warri, Port Harcourt and Calabar while remaining broadly stable in Lagos. AGO was more volatile, with prices rising at several Lagos depots and at the two qualifying Warri depots, led by Wosbab’s ₦245 per litre increase and Matrix’s ₦70 increase.
Dangote Refinery’s product distribution is increasingly becoming a major factor as witnessed in the PMS market, as increased supplies to Warri, Port Harcourt and Calabar improved availability and supported lower depot prices, including offers below the refinery’s gantry price in Calabar. Lagos faced tighter availability following restrictions on allocations to some marketers over concerns involving import licences.
The market movements came against a volatile international crude market, with Brent rising above $108 per barrel during the week before easing to about $103.87 per barrel on Friday, leaving domestic depot pricing influenced by both international replacement costs and local product availability.