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08024545197Nigeria’s downstream petroleum market recorded mixed depot price movements between Monday, November 2, and Friday, November 6, as petrol prices increased across the monitored locations while diesel prices declined in Lagos, Warri and Port Harcourt.
The week also saw the Dangote Petroleum Refinery raise its petrol gantry price to ₦1,300 per litre and suspend loading ahead of the fixed-naira pricing arrangement scheduled to take effect at midnight on November 3.
International crude prices fluctuated during the week, with Brent and West Texas Intermediate (WTI) both recording midweek declines before recovering towards Friday’s close. However, both benchmarks ended the week below their Monday opening levels.
PMS (Monday–Friday movement)
Nipco: ₦1,250 → ₦1,279 (+₦29)
Aiteo: ₦1,221 → ₦1,277 (+₦56)
MRS Tincan: ₦1,310 → ₦1,280 (-₦30)
Rain Oil: ₦1,225 → ₦1,280 (+₦55)
African Terminal: ₦1,220 → ₦1,280 (+₦60)
Integrated: ₦1,220 → ₦1,280 (+₦60)
A.A. Rano: ₦1,220 → ₦1,280 (+₦60)
The average price across the comparable depots increased from ₦1,238.00 to ₦1,279.43 per litre, representing a rise of ₦41.43.
AGO (Monday–Friday movement)
Nipco: ₦1,850 → ₦1,850 (no change)
Wosbab: ₦1,830 → ₦1,770 (-₦60)
Gulf Treasure: ₦1,800 → ₦1,765 (-₦35)
African Terminal: ₦1,800 → ₦1,765 (-₦35)
Integrated: ₦1,800 → ₦1,765 (-₦35)
Duport: ₦1,800 → ₦1,765 (-₦35)
T.Time: ₦1,800 → ₦1,765 (-₦35)
Ascon: ₦1,800 → ₦1,765 (-₦35)
The average diesel price declined from ₦1,810 to ₦1,776.88 per litre, representing a decrease of ₦33.12.
PMS (Monday–Friday movement)
Matrix: ₦1,283 → ₦1,300 (+₦17)
A.Y.M Shafa: ₦1,283 → ₦1,300 (+₦17)
Parker: ₦1,285 → ₦1,300 (+₦15)
The average petrol price increased from ₦1,283.67 to ₦1,300 per litre, a rise of ₦16.33.
AGO (Monday–Friday movement)
Matrix: ₦1,840 → ₦1,800 (-₦40)
Rain Oil: ₦1,830 → ₦1,810 (-₦20)
Edo Refinery: ₦1,840 → ₦1,820 (-₦20)
Nipco: ₦1,840 → ₦1,800 (-₦40)
The average diesel price fell from ₦1,837.50 to ₦1,807.50 per litre, representing a reduction of ₦30.
PMS (Monday–Friday movement)
Masters: ₦1,280 → ₦1,325 (+₦45)
AGO (Monday–Friday movement)
Bulk Strategic: ₦1,850 → ₦1,815 (-₦35)
Only one depot had comparable prices for each product across the week.
The week's depot movements showed petrol prices rising across the comparable locations in Lagos, Warri and Port Harcourt, while diesel prices declined in the same markets. The absence of matching Calabar depot prices means that a reliable week-on-week comparison cannot be established for the city.
The crude market experienced significant midweek weakness before recovering some losses towards the end of the week. Nevertheless, Brent closed the week on $99.69 per barrel below Monday's $104.77 per barrel, indicating an overall weekly decline of $5.08 per barrel, equivalent to approximately 4.85 per cent. .
Market participants will continue to monitor crude price movements, Dangote Refinery pricing decisions and changes in depot supply conditions for indications of the direction of domestic petrol and diesel prices.
About the Author
Innocent Precious is a writer with a keen eye on Nigeria’s oil and gas sector, economic policy, and downstream petroleum developments. He translates complex industry trends, refinery operations, fuel pricing, tanker movements, and regulatory shifts into engaging, data-driven narratives. His work blends analytical depth with clarity, producing SEO-optimised content that informs, educates, and captivates readers. Passionate about storytelling, Goli Innocent bridges the gap between technical insights and public understanding, making the energy landscape accessible to all.
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