As of today Saturday, 28th June 2025, ex-depot prices across Nigeria dropped significantly, marking a dramatic reversal in downstream pricing trends. Key products Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), and Aviation Turbine Kerosene (ATK) recorded consistent declines nationwide, as both Dangote Refinery and private depots adjusted prices downward in response to competition and changing logistics costs.
This five-day review, covering Monday 23rd to Friday 27th June, spans major petroleum hubs across Lagos (Coconut, Satellite, Dockyard), Delta (Warri), Port Harcourt, and Calabar.
Dangote Refinery Price Trends
- PMS: ₦905 → ₦880
- AGO: ₦1125 → ₦1023
- LPG: ₦927 → ₦900
- ATK: ₦1102 → ₦1100
Analysis:
Dangote implemented sweeping cuts across key products, with AGO dropping ₦102 and PMS ₦25. LPG eased ₦27, while ATK remained largely stable, shedding just ₦2. The move reflects intensified market pressure from private depots offering more competitive rates.
Coconut Axis Depot Prices
- Swift (PMS): ₦910 → ₦881
- Aipec (PMS): ₦909 → ₦874
- Ibeto (AGO): ₦1060 → ₦1000
- Ibachem (AGO): ₦1080 → ₦1000
Analysis:
Coconut depots slashed prices aggressively. PMS fell over ₦35 at both Swift and Aipec, while AGO declined by ₦60–₦80. The cuts positioned Coconut as one of the most competitive zones in the period under review.
Satellite Axis Depot Prices
- Emadeb (PMS): ₦935 → ₦880
- Rain Oil (PMS): ₦920 → ₦880
- Mao (AGO): ₦1090 → ₦1000
- Menj (AGO): ₦1090 → ₦1000
- Rain Oil (LPG): ₦930 → ₦915
- Rain Oil (ATK): ₦1120 → ₦1100
Analysis:
Satellite Axis saw uniform declines in PMS and AGO, with a notable ₦55–₦60 drop in diesel. LPG and ATK eased moderately, reflecting improved supply and lower marine logistics charges.
Dockyard Axis Depot Prices
- NIPCO (PMS): ₦945 → ₦870
- Aiteo (PMS): ₦920 → ₦870
- NIPCO (AGO): ₦1100 → ₦1010
- Navgas (LPG): ₦915 → ₦900
- Ardova (LPG): ₦895 → ₦890
Analysis:
The steepest PMS drop came from Dockyard, with NIPCO shaving off ₦75/litre. Aiteo followed closely. AGO and LPG fell by ₦90 and ₦25 respectively. These reductions may reposition Dockyard as a preferred loading hub in Lagos.
Delta Axis Depot Prices (Warri/Edo)
- Matrix Warri (PMS): ₦930 → ₦915
- A&E (PMS): ₦920 → ₦913
- Rain Oil (PMS): ₦930 → ₦915
- Edo Refinery (AGO): ₦1045 → ₦1020
- Taurus (AGO): ₦1050 → ₦1030
- Pinnacle Warri (AGO): ₦1090 → ₦1025
- Matrix Warri (ATK): ₦1010 → ₦1010
Analysis:
Depots in Delta State followed the national trend. PMS saw light adjustments, while AGO plunged by as much as ₦65 at Pinnacle Warri. ATK held steady at Matrix, indicating relative supply-demand balance.
Port Harcourt Depot Overview
- TSL (PMS): ₦940 → ₦919
- Sigmund (PMS): ₦935 → ₦920
- Bulk Strategic (AGO): ₦1140 → ₦1030
- Stockgap (LPG): ₦950 → ₦950
Analysis:
PMS in Port Harcourt slipped moderately, while AGO dropped sharply by ₦110 at Bulk Strategic. LPG at Stockgap remained unchanged, indicating possible long-term supply contracts or stable demand.
Calabar Depot Summary
- Fynefield (PMS): ₦940 → ₦912
- Alkanes (PMS): ₦940 → ₦910
- Mainland (PMS): ₦940 → ₦910
Analysis:
All Calabar depots trimmed PMS by ₦28–₦30. The uniformity in pricing suggests coordinated supply movements or similar landing costs across facilities.
Market Insight and Outlook
Depot price drops from 23rd to 27th June 2025 highlight the following:
- PMS: Dangote’s ₦25 cut spurred a broader industry-wide response. Private depots offered more aggressive reductions—up to ₦75 in some zones.
- AGO: Sharp declines across the board reflect reduced industrial demand and lower transport costs.
- LPG: Marginal drops were recorded, with some stability in Port Harcourt.
- ATK: Prices largely stabilised, with minor shifts in Lagos and Warri.
As Brent crude continues to hover near $68/barrel and local FX conditions remain tight, marketers are advised to monitor loading window availability, vessel traffic, and regulatory pronouncements ahead of July’s first trading week.
