Nigeria’s downstream market recorded mixed price movements across major depots between Monday, September 28 and Friday, October 2, 2026, with petrol prices relatively stable in Lagos but rising across several depots in Warri and Port Harcourt. Automotive gas oil (AGO) prices, however, recorded broad declines across the monitored markets.
The week also saw a significant reduction in Dangote Petroleum Refinery’s AGO gantry price, which fell from ₦1,850/litre to ₦1,780/litre effective October 1. This came as petrol landing cost also declined by ₦69.45/litre in three days, from ₦1,384.82/litre on September 25 to ₦1,278.37/litre on September 28, according to the latest MEMAN report.
The movement in local depot prices occurred against a volatile international oil market, with developments around the Strait of Hormuz, Iran’s proposal to reopen the waterway and renewed US-Iran discussions influencing crude benchmarks and market expectations.
LAGOS DEPOTS
PMS (Monday–Friday Movement)
Pinnacle: ₦1,325 → ₦1,325 (₦0)
Wosbab: ₦1,325 → ₦1,324 (-₦1)
Aiteo: ₦1,324 → ₦1,234 (₦0)
Aipec: ₦1,324 → ₦1,324 (₦0)
Lagos PMS prices remained broadly stable across the comparable depots. Wosbab recorded a ₦1 per litre reduction, while Aiteo increased by ₦1. Pinnacle and Aipec remained unchanged.
Dangote Refinery’s gantry price also remained an important reference for the Lagos market. The refinery reduced its AGO gantry price by ₦70 per litre, from ₦1,850 to ₦1,780 per litre, effective October 1, 2026. Its PMS gantry price was ₦1,325 per litre at the beginning of the week before being reviewed to ₦1,324 per litre.
AGO (Monday–Friday Movement)
Pinnacle: ₦1,850 → ₦1,782 (-₦68)
Wosbab: ₦1,850 → ₦1,785 (-₦65)
Ibeto: ₦1,850 → ₦1,775 (-₦75)
Duport: ₦1,850 → ₦1,775 (-₦75)
Integrated: ₦1,850 → ₦1,775 (-₦75)
Ascon: ₦1,850 → ₦1,780 (-₦70)
Chipet: ₦1,795 → ₦1,775 (-₦20)
Lagos AGO recorded a broad decline, with Ibeto, Duport and Integrated posting the largest comparable reductions at ₦75 per litre each. Pinnacle declined by ₦68, while Wosbab and Ascon fell by ₦65. Chipet recorded a smaller ₦20 reduction.
WARRI DEPOTS
PMS (Monday–Friday Movement)
Matrix: ₦1,316 → ₦1,325 (+₦9)
Parker: ₦1,315 → ₦1,324 (+₦9)
Warri PMS prices increased across the comparable depots, with both Matrix and Parker recording ₦9 per litre increases.
AGO (Monday–Friday Movement)
Matrix: ₦1,900 → ₦1,830 (-₦70)
Prudent: ₦1,900 → ₦1,830 (-₦70)
Rain Oil: ₦1,890 → ₦1,825 (-₦65)
Warri AGO recorded significant declines, with Matrix and Prudent each falling by ₦70 per litre, while Rain Oil declined by ₦65.
PORT HARCOURT DEPOTS
PMS (Monday–Friday Movement)
Masters: ₦1,301 → ₦1,315 (+₦14)
Sigmund: ₦1,301 → ₦1,315 (+₦14)
TSL: ₦1,301 → ₦1,315 (+₦14)
Bulk Strategic: ₦1,301 → ₦1,319 (+₦18)
Stockgap: ₦1,301 → ₦1,315 (+₦14)
Port Harcourt PMS prices increased across all comparable depots. Bulk Strategic recorded the largest increase at ₦18 per litre, while Masters, Sigmund, TSL and Stockgap each rose by ₦14.
AGO (Monday–Friday Movement)
Bulk Strategic: ₦1,885 → ₦1,805 (-₦80)
Bulk Strategic recorded an ₦80 per litre decline in AGO, representing the largest comparable AGO reduction among the monitored Port Harcourt depots.
CALABAR DEPOTS
PMS (Monday–Friday Movement)
Mainland: ₦1,350 → ₦1,310 (-₦40)
Calabar PMS recorded a ₦40 per litre decline at Mainland. Other Calabar depots did not have comparable Monday and Friday quotations and are therefore excluded.
MARKET OUTLOOK
The week ended with a mixed depot pricing mix. PMS remained largely stable in Lagos but increased in Warri and Port Harcourt, while Calabar’s Mainland recorded a notable decline. AGO, in contrast, recorded substantial reductions across Lagos, Warri and Port Harcourt, coinciding with Dangote Refinery’s ₦70/litre reduction in its AGO gantry price.
The ₦69.45/litre decline in petrol landing cost, from ₦1,384.82/litre to ₦1,278.37/litre, provides an important reference point for the movement in the downstream market. At the same time, developments around the Strait of Hormuz and Iran’s proposal to reopen the waterway added another layer to the international market, with crude prices ending the week below their opening levels.
Going into the new week, the direction of crude benchmarks, shipping conditions, refined-product availability and further changes in local supply costs will remain important factors for depot pricing. The contrasting PMS and AGO movements also show that changes in international crude prices do not necessarily translate uniformly across all products and locations.