Nigeria’s downstream petroleum market closed the first full trading week of January 2026 on a mixed footing, as depot prices for Premium Motor Spirit (PMS) trended lower across most coastal corridors, while Automotive Gas Oil (AGO) remained relatively firm despite midweek adjustments.,
Data tracked by Petroleumprice.ng shows that price movements between Monday, January 5, and Friday, January 9, 2026, were shaped largely by inventory rebalancing, selective price reviews by depot operators, and uneven regional supply flows, rather than global oil market shocks.
Market Fundamentals: What Drove Price Movements This Week
The PMS market opened the week with elevated depot prices, reflecting tight post-holiday inventories and cautious loading volumes. However, by midweek, increased competition among private depot operators triggered selective downward adjustments, particularly in Lagos and Warri.
AGO prices, on the other hand, remained comparatively stable. Although some depots reviewed prices downward late in the week, sustained trucking demand and replacement cost considerations limited aggressive undercutting.
Lagos Depots: PMS Softens, AGO Holds Firm
PMS Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Nipco | 800 | 800 | 0 | → |
| Rainoil | 800 | 800 | 0 | → |
| Eterna | 800 | 800 | 0 | → |
| Wosbab | 805 | 800 | -5 | ↓ |
| Shellplux | 780 | 710 | -70 | ↓ |
Summary:
Lagos PMS prices showed mixed-to-soft performance during the week. While major depots such as Nipco, Rainoil, and Eterna held prices flat, smaller operators cut aggressively to attract volumes. The sharp reduction at Shellplux reflected competitive pressure rather than a broad market collapse.
AGO Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Ibeto | 950 | 915 | -35 | ↓ |
| African Terminal | 950 | 915 | -35 | ↓ |
| Integrated | 924 | 915 | -9 | ↓ |
| Menj | 925 | 915 | -10 | ↓ |
| Obat | 920 | 915 | -5 | ↓ |
Summary:
AGO trading in Lagos remained relatively liquid but cautious. Prices softened modestly by Friday following multiple “price reviewed” notices, but the overall market stayed supported by steady industrial and haulage demand.
Warri Depots: PMS Weakens, AGO Resilient
PMS Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Matrix | 810 | 790 | -20 | ↓ |
| Rainoil | 805 | 790 | -15 | ↓ |
| Danmarna | 795 | 790 | -5 | ↓ |
Summary:
Warri PMS prices trended bearish throughout the week, driven by improved regional availability and competitive repricing among key depots.
AGO Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Matrix | 945 | 945 | 0 | → |
| Aym Shafa | 945 | 935 | -10 | ↓ |
| Edo Refinery | 955 | 955 | 0 | → |
Summary:
Despite PMS weakness, AGO prices in Warri remained largely supported, reflecting stable diesel offtake within the corridor.
Port Harcourt Depots: Mild PMS Decline, Firm AGO
PMS Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Matrix | 810 | 795 | -15 | ↓ |
| Masters | 806 | 804 | -2 | ↓ |
| Sigmund | 810 | 794 | -16 | ↓ |
Summary:
Port Harcourt PMS prices adjusted modestly lower as depot operators responded to competitive pressures from neighbouring supply corridors.
AGO Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Masters | 970 | 970 | 0 | → |
Summary:
AGO prices in Port Harcourt remained unchanged, supported by consistent regional demand and controlled supply.
Calabar Depots: PMS Slides on Thin Trading
PMS Movements (5 – 9 January)
| Depot | Opening (₦/L) | Closing (₦/L) | Change (₦) | Trend |
|---|---|---|---|---|
| Dozzy | 793 | 793 | 0 | → |
| Soroman | 794 | 791 | -3 | ↓ |
Summary:
Calabar PMS prices edged lower, though movements were limited by thin trading volumes and cautious buying behaviour.
Weekly Market Summary
| Region | PMS Trend | AGO Trend | Market Direction |
|---|---|---|---|
| Lagos | Mixed–Soft | Mildly Bearish | Competitive |
| Warri | Bearish | Stable | Weak |
| Port Harcourt | Mild Decline | Firm | Balanced |
| Calabar | Slight Decline | — | Thin |
Market Outlook
PMS prices are expected to remain under pressure in the coming week as depot operators continue to compete for market share amid improving availability. AGO prices may stay relatively firm unless replacement costs ease further or demand weakens materially.
