As at 17th May 2025, depot prices in Nigeria experienced mixed shifts across major petroleum corridors between 12th and 16th May. While Premium Motor Spirit (PMS) saw minor upward adjustments, Automotive Gas Oil (AGO) and Liquefied Petroleum Gas (LPG) faced downward pressures in several regions.
This analysis highlights the weekly pricing dynamics of PMS, AGO, Aviation Turbine Kerosene (ATK), and LPG from strategic hubs: Dangote, Dockyard, Coconut, Satellite, Delta, Port Harcourt, and Calabar.
These changes reflect the market’s cautious optimism ahead of projected crude oil price hikes, influenced by Brent trends and international supply signals.
Dangote Refinery Price Trends
- PMS: ₦827 → ₦837
- AGO: ₦949 → ₦937
- LPG: ₦880 → ₦865
- ATK: ₦975 → ₦975
Analysis:
PMS at Dangote edged up by ₦10, possibly driven by anticipation of tighter supply. However, AGO and LPG prices dipped by ₦12 and ₦15 respectively, suggesting moderate stock rotation or competitive pricing. ATK remained stable.
Dockyard Axis Depot Prices
- NIPCO (PMS): ₦842 → ₦840
- NIPCO (AGO): ₦970 → ₦970
- Ardova (LPG): ₦950 → ₦925
Analysis:
Prices were mostly steady. LPG at Ardova fell ₦25, hinting at weak offtake or inventory clearance ahead of a possible upswing.
Coconut Axis Depot Prices
- Aipec (PMS): ₦837 → ₦837
- MRS Tincan (PMS): ₦827 → ₦834
- Ibeto (AGO): ₦945 → ₦935
- Ibachem (AGO): ₦945 → ₦935
- Duport (ATK): ₦1030 → ₦1035
Analysis:
MRS recorded a slight PMS gain. Meanwhile, dual AGO depots recorded symmetrical ₦10 drops, reflecting a cautious sell-off. ATK prices ticked up marginally.
Satellite Axis Price Updates
- AA Rano (PMS): ₦837 → ₦837
- Menj (PMS): ₦837 → ₦840
- Mao (AGO): ₦945 → ₦925
- Chipet (AGO): ₦940 → ₦927
- Rain Oil (LPG): ₦930 → ₦925
- AA Rano (LPG): ₦935 → ₦925
- Rain Oil (ATK): ₦1036 → ₦1030
Analysis:
While PMS remained mostly stable, AGO prices fell notably by up to ₦20, indicating bearish sentiment. LPG and ATK also dipped modestly, revealing a region under mild demand pressure.
Delta Depot Movements
- Matrix Warri (PMS): ₦890 → ₦890
- Shafa (PMS): ₦860 → ₦860
- First Fortune (PMS): ₦885 → ₦860
- Zamson (AGO): ₦959 → ₦960
- Pinnacle Warri (AGO): ₦958 → ₦963
- Matrix Warri (AGO): ₦975 → ₦965
- Matrix Warri (ATK): ₦1010 → ₦1010
Analysis:
PMS stayed flat across Matrix and Shafa, while First Fortune dropped ₦25. AGO was mixed with slight gains and losses, while ATK held constant.
Port Harcourt Depot Overview
- Liquid Bulk (PMS): ₦896 → ₦896
- SIGMUND (PMS): ₦895 → ₦893
- EVER (PMS): ₦896 → ₦896
- Bulk Strategic (AGO): ₦986 → ₦977
Analysis:
Minimal price fluctuations characterised Port Harcourt, with AGO seeing a ₦9 decline and PMS maintaining premium band pricing above ₦890.
Calabar Depot Summary
- Fynefield (PMS): ₦905 → ₦900
- Mainland (PMS): ₦905 → ₦899
- Alkanes (PMS): ₦867 → ₦890
- Fynefield (AGO): ₦996 → ₦995
Analysis:
Calabar posted a surprise gain at Alkanes (+₦23), while other PMS depots trended downward. AGO held firm, pointing to stable demand and moderate supply flows.
Market Insight and Outlook
Depot prices in Nigeria during the week ended 16th May 2025 revealed mixed signals. While some depots increased PMS prices in anticipation of Monday’s market surge, others lowered AGO and LPG to stimulate sales amid slowing demand. The aviation segment remained largely stable.
As Brent crude inches closer to $70 per barrel amid renewed trade optimism, stakeholders brace for potential cost adjustments. Marketers are urged to monitor global cues and Brent’s performance to adjust procurement strategies accordingly.
Depot prices in Nigeria will likely experience more volatility if crude rallies persist. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is expected to maintain oversight for fair pricing and supply balance.
