This week, depot prices for petroleum products in Nigeria exhibited notable fluctuations across Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), and Aviation Turbine Kerosene (ATK). Below is a detailed analysis of the lowest and highest prices recorded for each product from Monday to Friday.
Premium Motor Spirit (PMS)
- Monday: Dangote ₦910 | AA Rano ₦965
- Tuesday: Dangote ₦909 | Gulf Treasure ₦952
- Wednesday: Public Holiday
- Thursday: Dangote ₦907 | Gulf Treasure ₦952
- Friday: Dangote ₦905 | Chipet ₦950
QInsight: PMS prices showed a gradual decline throughout the week, with Dangote consistently offering the lowest prices, decreasing from ₦910 on Monday to ₦905 by Friday. The highest prices were observed at AA Rano and Gulf Treasure, maintaining rates above ₦950.q
Automotive Gas Oil (AGO)
- Monday: Chipet ₦1,035 | Nipco ₦1,065
- Tuesday: Chico ₦1,038 | Nipco ₦1,060
- Wednesday: Public Holiday
- Thursday: Chipet ₦1,030 | Nipco ₦1,060
- Friday: Dangote ₦1,035 | Africa Terminal ₦1,050
Insight: AGO prices remained relatively stable, with minor fluctuations. Chipet offered the lowest prices at the beginning and middle of the week, while Dangote matched the lowest price on Friday. Nipco’s prices remained consistently at the higher end, though slightly decreasing as the week progressed.
Liquefied Petroleum Gas (LPG)
- Monday: AA Rano ₦1,115 | Techno Oil ₦1,145
- Tuesday: AA Rano ₦1,115 | Techno Oil ₦1,145
- Wednesday: Public Holiday
- Thursday: AA Rano ₦1,115 | Techno Oil ₦1,145
- Friday: AA Rano ₦1,115 | Techno Oil ₦1,145
Insight: LPG prices remained unchanged throughout the week, with AA Rano consistently offering the lowest price at ₦1,115 and Techno Oil the highest at ₦1,145. This stability suggests a balanced supply and demand dynamic in the LPG market during this period.
Aviation Turbine Kerosene (ATK)
- Monday: Dangote ₦1,088 | Rainoil ₦1,180
- Tuesday: Dangote ₦1,088 | Rainoil ₦1,180
- Wednesday: Public Holiday
- Thursday: Dangote ₦1,088 | Rainoil ₦1,180
- Friday: Dangote ₦1,088 | Rainoil ₦1,180
Insight: ATK prices remained steady throughout the week, with Dangote consistently offering the lowest price at ₦1,088 and Rainoil the highest at ₦1,180. The lack of price variation indicates a stable market for aviation fuel during this period.
The depot prices for petroleum products in Nigeria during the week of 23rd to 27th December 2024 exhibited both stability and slight declines, depending on the product. PMS and AGO saw gradual price reductions, while LPG and ATK prices remained constant. These trends reflect the current dynamics in Nigeria’s petroleum market, influenced by factors such as supply consistency, demand fluctuations, and operational efficiencies among key suppliers.