As of September 17, 2024, the petroleum product prices at various depots show some price fluctuations across the market, driven by factors such as currency volatility, demand-supply dynamics, and crude oil prices.
Here is a forecast for depot prices in the coming week based on the current trends:
PMS (Premium Motor Spirit – Petrol):
Average PMS prices across depots stand at ₦1008-₦1030, with some lower figures at ₦970-₦980.
Given the ongoing fluctuations in exchange rates and seasonal demand, PMS prices may stabilise within the range of ₦1000-₦1025.
Depots like Conoil , MRS and AP Ardavo may keep prices below ₦1000, while others like Shellplux and Eterna may remain on the higher side.
Expect a slight price increase in the higher-end depots due to limited supply in some regions.
AGO (Automotive Gas Oil – Diesel):
The average AGO price across depots is around ₦1078-₦1090, with some outliers like Conoil at ₦1200.
Prices at most depots such as Wosbab, Emadeb, and Ibeto are converging around ₦1075-₦1080, indicating potential stability for the week.
Higher prices from Integrated and African terminal (₦1130) could maintain their premium due to supply chain challenges.
For the week, ₦1075-₦1085 should be the expected range for most depots, with limited chances of drastic changes unless there is a sudden hike in crude oil prices.
ATK (Aviation Turbine Kerosene):
Current prices vary widely from ₦1175-₦1230.
Expect the ATK market to remain volatile due to international oil price impacts and demand in the aviation sector. Prices may hover around ₦1180-₦1230 at depots such as Shema and Techno gas.
LPG (Liquefied Petroleum Gas):
LPG prices are around ₦1035-₦1080, with some higher figures reported.
A slight price uptick can be expected in the coming week due to increased domestic demand and logistics issues.
Finally, while PMS prices will likely stay within ₦1000-₦1025, AGO prices may stabilise around ₦1075-₦1085. ATK and LPG markets could see minor fluctuations but will generally stay within the current ranges unless major geopolitical or supply chain events unfold.
