Nigeria’s downstream petroleum market recorded broad declines in depot prices during the week, with PMS prices falling across coastal markets and AGO easing across most depots.
According to Market report by Petroleumprice.n Lagos recorded notable declines in both products. The average PMS price across the most depots fell by ₦23.50 per litre, while the average AGO price across most depots declined by approximately ₦35.64 per litre.
The movements came amid a volatile international crude market. Brent crude rose above $106 per barrel during the week before falling sharply bellow $100 and rose on Friday above $100 as markets reassessed Middle East supply risks and renewed expectations of US-Iran diplomatic engagement emerged.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
Pinnacle: ₦1,350 → ₦1,325.50 (-₦24.50)
MRS Tincan: ₦1,352 → ₦1,332 (-₦20)
Sahara: ₦1,351 → ₦1,325 (-₦26)
Lagos PMS prices declined across all monitored depots. The average fell from ₦1,351 per litre on Monday to ₦1,327.50 on Friday, with Sahara recording the largest reduction at ₦26 per litre.
The Friday average was ₦2.50 per litre above Dangote Refinery’s revised ₦1,325 per litre gantry price. The market, however, remains affected by Dangote’s suspension of PMS sales to Lagos on the grounds of marketers holding active import licences amid the ongoing legal and regulatory dispute over petrol imports.
AGO (Monday–Friday Movement)
Pinnacle: ₦1,850 → ₦1,850.50 (+₦0.50)
Eterna: ₦1,950 → ₦1,850 (-₦100)
Integrated: ₦1,820 → ₦1,790 (-₦30)
Duport: ₦1,820 → ₦1,790 (-₦30)
Ibachem: ₦1,815 → ₦1,790 (-₦25)
Ibeto: ₦1,815 → ₦1,800 (-₦15)
Rain Oil: ₦1,950 → ₦1,900 (-₦50)
Lagos AGO recorded a wider decline, with the depot average falling from ₦1,860 to approximately ₦1,824.36 per litre. Eterna recorded the largest reduction at ₦100, followed by Rain Oil at ₦50.
Integrated and Duport each declined by ₦30, Ibachem by ₦25 and Ibeto by ₦15, while Pinnacle was virtually unchanged at ₦1,850.50.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,327 → ₦1,316 (-₦11)
Nepal: ₦1,330 → ₦1,315 (-₦15)
Keonamex: ₦1,330 → ₦1,316 (-₦14)
Warri PMS prices declined across all monitored depots. Nepal recorded the largest reduction at ₦15 per litre, followed by Keonamex at ₦14 and Matrix at ₦11.
AGO (Monday–Friday Movement)
Rain Oil: ₦1,950 → ₦1,910 (-₦40)
Rain Oil was the only Warri AGO depot with comparable Monday and Friday quotations, declining by ₦40 per litre to ₦1,910.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
Masters: ₦1,330 → ₦1,303 (-₦27)
TSL: ₦1,330 → ₦1,303 (-₦27)
Port Harcourt depots reduced PMS prices by ₦27 per litre, closing at ₦1,303 per litre.
AGO (Monday–Friday Movement)
Bulk Strategic: ₦1,928 → ₦1,890 (-₦38)
Bulk Strategic reduced its AGO price by ₦38 per litre to ₦1,890.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Alkanes: ₦1,327 → ₦1,310 (-₦17)
Soroman: ₦1,330 → ₦1,325 (-₦5)
Calabar PMS prices declined at Alkanes recorded a ₦17 reduction, while Soroman fell by ₦5 per litre.
MARKET OUTLOOK
The coastal depot market closed the week on a softer footing, with PMS prices declining across all monitored markets. Lagos remains particularly important, with its average PMS price falling to ₦1,327.50 per litre and AGO declining by ₦35.64 per litre on average.
The Lagos PMS market, however, remains sensitive to the unresolved Dangote-NMDPRA dispute over petrol import licences. Refinery allocations, imported cargoes and available inventories will remain key determinants of wholesale replacement costs, while the direction of crude prices will continue to influence import economics.
Brent’s retreat to $103.90 per barrel provides some easing in replacement-cost pressure, but renewed Middle East supply risks could reverse the move. For the coming week, product availability, refinery supply, import flows, replacement costs and developments in the import-licence dispute will be the principal variables to watch.