Nigeria’s downstream petroleum market closed the trading week ended Friday, February 6, 2026, on a largely bearish note, as depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) reflected easing supply-side anxiety, price reviews, and improving clarity around import approvals.
Price movements between Monday, February 2, and Friday, February 6, 2026, were driven less by global crude oil dynamics and more by tactical price adjustments by major suppliers, shifting trader sentiment, and regulatory developments around product imports.
Market Fundamentals: Price Reviews, Import Licence Clarity
Depot pricing during the review period was shaped by price reviews, particularly in Lagos, where PMS prices softened following aggressive tactical reductions earlier in the week. According to market sources from Petroleumprice.ng, the PMS pullback was largely influenced by expectations of sustained supply flows and competitive pressure among coastal depots.
For AGO, sentiment improved after clearer signals that diesel import licences had been approved, easing fears of imminent shortages. This dampened speculative buying and contributed to price moderation, especially in Lagos.
Lagos Depots: PMS Declines on Reviews, AGO Softens on Licence Clarity
PMS Movements (2 – 6 February)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Emadeb | 800 | 790 | 0 | ↓ |
| Nipco | 800 | 790 | -9 | ↓ |
| Aiteo | 796 | 795 | -1 | ↓ |
| Menj | 798 | 797 | -1 | ↓ |
| Eterna | 800 | 796 | -4 | ↓ |
| Rainoil | 800 | 796 | 0 | ↓ |
Summary:
PMS prices in Lagos trended lower during the week, following multiple price reviews that replaced earlier defensive pricing. The decline reflected reduced panic buying and increased confidence in supply continuity, keeping PMS offers competitive across the corridor.
AGO Movements (2 – 6 February)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Ibeto | 917 | 907 | -10 | ↓ |
| Aiteo | 917 | 907 | -10 | ↓ |
| African Terminal | 919 | 909 | -10 | ↓ |
| Matrix | 945 | 909 | -36 | ↓ |
| Obat | 945 | 909 | -36 | ↓ |
| Ibachem | 917 | 908 | -9 | ↓ |
Summary:
AGO prices in Lagos declined sharply as confirmation of import licence approvals weakened speculative positions. With no immediate diesel scarcity materialising, traders adjusted prices downward to stimulate offtake.
Warri Depots: PMS Firm on Limited Access, AGO Largely Stable
PMS Movements (2 – 6 February)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Nepal | 820 | 816 | -4 | ↓ |
| Zamson | 820 | 817 | -3 | ↓ |
| Danmarna | 820 | 817 | -3 | ↓ |
| Optima | 820 | 817 | -3 | ↓ |
| Rainoil | 821 | 840 | +19 | ↑ |
| Matrix | 830 | 843 | +13 | ↑ |
Summary:
Warri PMS prices showed mixed movement. While some depots eased prices slightly, others strengthened as access to PMS remained restricted, allowing active sellers to command higher premiums.
AGO Movements (2 – 6 February)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Matrix | 950 | 940 | -10 | ↓ |
| Edo Refinery | 950 | 948 | -2 | ↓ |
| Rainoil | 943 | 950 | +7 | ↑ |
| Prudent | 950 | 950 | 0 | → |
| Nipco | 950 | 976 | +26 | ↑ |
Summary:
AGO prices in Warri were largely stable, with isolated increases reflecting controlled supply and selective buying interest, while overall diesel demand remained moderate.
Port Harcourt Depots: PMS Mixed, AGO Absent on Cross-Week Basis
PMS Movements (2 – 6 February)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Masters | 835 | 829 | -6 | ↓ |
| Sigmund | 835 | 853 | +18 | ↑ |
| Matrix | 840 | 853 | +13 | ↑ |
Summary:
PMS pricing in Port Harcourt reflected a split market, with some depots adjusting downward to stimulate loading, while others firmed up prices on controlled availability.
AGO:
No Port Harcourt AGO depot recorded prices on both review days, reflecting thin and inconsistent diesel activity in the corridor.
Calabar Depots: PMS Supported Despite Price Softening
PMS Movements (2 – 6 February)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Alkanes | 833 | 816 | -17 | ↓ |
| Mainland | 837 | 816 | -21 | ↓ |
| Matrix | 845 | 852 | +7 | ↑ |
Summary:
Calabar PMS prices softened across most depots due to limited trading activity, although thin availability continued to support the corridor against sharper declines.
Weekly Market Summary
| Region | PMS Trend | AGO Trend | Market Direction |
|---|---|---|---|
| Lagos | Bearish | Bearish | Competitive |
| Warri | Mixed | Flat–Firm | Constrained |
| Port Harcourt | Mixed | — | Selective |
| Calabar | Soft–Supported | — | Thin |
Market Outlook
PMS and AGO prices are expected to remain sensitive to further price reviews, import licence execution, and actual product arrival schedules. With speculative pressure easing, depot pricing over the coming week is likely to be driven more by real supply flows than sentiment.