The Nigerian downstream petroleum market recorded a largely bearish trend during the week under review as marketers adjusted prices amid volatile global crude markets and increased competition among private depot operators.
Checks by Petroleumprice.ng show that PMS and AGO prices declined across most depots in Lagos, Warri, Port Harcourt and Calabar, despite geopolitical tensions in the Middle East that initially pushed international oil prices higher.
LAGOS DEPOTS
PMS (Monday – Friday Movement)
Aiteo: ₦1,247 → ₦1,244 (−₦3)
NIPCO: ₦1,247 → ₦1,242 (−₦5)
Rain Oil: ₦1,249 → ₦1,247 (−₦2)
A.A. Rano: ₦1,249 → ₦1,247 (−₦2)
Aipec: ₦1,248 → ₦1,245 (−₦3)
African Terminal: ₦1,249 → ₦1,246 (−₦3)
Bono: ₦1,249 → ₦1,246 (−₦3)
Integrated: ₦1,249 → ₦1,247 (−₦2)
Ascon: ₦1,249 → ₦1,246 (−₦3)
Lagos remained the most competitive PMS market, with several depots implementing price reviews during the week.
AGO (Monday – Friday Movement)
African Terminal: ₦1,697 → ₦1,687 (−₦10)
Bono: ₦1,697 → ₦1,687 (−₦10)
Duport: ₦1,692 → ₦1,685 (−₦7)
Sahara: ₦1,692 → ₦1,685 (−₦7)
Ibeto: ₦1,696 → ₦1,685 (−₦11)
Swift: ₦1,697 → ₦1,687 (−₦10)
MENJ: ₦1,695 → ₦1,685 (−₦10)
Aipec: ₦1,692 → ₦1,685 (−₦7)
Diesel prices posted broader declines as marketers competed aggressively for market share.
WARRI DEPOTS
PMS (Monday – Friday Movement)
Matrix: ₦1,272 → ₦1,270 (−₦2)
Rain Oil: ₦1,265 → ₦1,269 (+₦4)
Prudent: ₦1,267 → ₦1,270 (+₦3)
Warri prices remained relatively stable throughout the week.
AGO (Monday – Friday Movement)
Rain Oil: ₦1,704 → ₦1,700 (−₦4)
NIPCO: ₦1,702 → ₦1,701 (−₦1)
Optima: ₦1,703 → ₦1,698 (−₦5)
Danmarna: ₦1,703 → ₦1,700 (−₦3)
Edo Refinery: ₦1,710 → ₦1,705 (−₦5)
AYM Shafa: ₦1,707 → ₦1,697 (−₦10)
PORT HARCOURT DEPOTS
PMS (Monday – Friday Movement)
Liquid Bulk: ₦1,274 → ₦1,284 (+₦10)
AGO (Monday – Friday Movement)
Matrix: ₦1,715 → ₦1,712 (−₦3)
Sigmund: ₦1,715 → ₦1,711 (−₦4)
Port Harcourt recorded limited but generally stable pricing movements.
CALABAR DEPOTS
PMS (Monday – Friday Movement)
Jenny: ₦1,290 → ₦1,284 (−₦6)
Mainland: ₦1,290 → ₦1,286 (−₦4)
AGO (Monday – Friday Movement)
Fynefield: ₦1,720 → ₦1,703 (−₦17)
Calabar recorded the sharpest AGO
correction during the week.
MARKET OUTLOOK
Depot pricing during the week was influenced by sharp swings in global crude oil markets. Prices initially rose after military tensions escalated between the United States, Iran and Israel, raising concerns over potential disruptions to oil flows through the Strait of Hormuz.
However, sentiment reversed after US President Donald Trump signalled progress in negotiations with Iran, easing fears of supply disruptions. The development pushed Brent crude down by more than $4 per barrel during the week.
Locally, the correction encouraged private depot operators, particularly in Lagos, to lower PMS and AGO prices aggressively. Several depots traded below prevailing Dangote Refinery ex-gantry levels as marketers competed for buyers and sought to move inventories.
Looking ahead, depot prices will continue to track developments in the Middle East, crude oil price movements, vessel arrivals and domestic stock positions. Current indicators suggest a well-supplied market with room for further price moderation if international crude prices remain under pressure.