Nigerians have been keeping a close eye on fuel prices as depot rates for Premium Motor Spirit (PMS), Automotive Gas Oil (AGO or diesel), Liquefied Petroleum Gas (LPG or cooking gas), and Aviation Turbine Kerosene (ATK or aviation fuel) fluctuated between 3rd and 7th February 2025. While some prices dropped slightly, others remained stable or saw minor reductions.
For many Nigerians, fuel price changes at depots directly affect transport fares, electricity costs for diesel generators, and household expenses. This latest trend provides insight into what to expect in the coming weeks.
Dangote Refinery Price Movement
As Nigeria’s largest refinery, Dangote’s pricing plays a key role in shaping national fuel costs. Here’s how prices shifted over the period:
- PMS (Petrol): ₦916 → ₦906 (-₦10)
- AGO (Diesel): ₦1,080 → ₦1,078 (-₦2)
- LPG (Cooking Gas): ₦935 → ₦935 (No Change)
- ATK (Aviation Fuel): ₦1,095 → ₦1,070 (-₦25)
Despite Dangote’s increasing petrol output, the price only dropped slightly, indicating ongoing market stabilisation. Diesel also saw a marginal ₦2 reduction, while LPG prices remained unchanged. However, the ₦25 drop in aviation fuel could offer relief to airlines struggling with high operational costs.
Dockyard Axis Depots (Lagos)
The Dockyard Axis, home to major depots, recorded minor reductions, with LPG and petrol showing the most movement:
PMS (Petrol)
- Aiteo: ₦925 → ₦906 (-₦19)
- Nipco: ₦932 → ₦910 (-₦22)
AGO (Diesel)
- Nipco: ₦1,075 → ₦1,070 (-₦5)
LPG (Cooking Gas)
- Nipco: ₦980 → ₦950 (-₦30)
- Navgas: ₦975 → ₦950 (-₦25)
This drop in LPG prices is a positive sign for households, especially with recent concerns over gas affordability.
Coconut Axis Depots (Lagos)
Depot pricing here showed a clear decline across petrol, diesel, and gas, offering slight relief for businesses and consumers.
PMS (Petrol)
- Bono: ₦935 → ₦914 (-₦21)
- Bovas: ₦920 → ₦910 (-₦10)
AGO (Diesel)
- Ibeto: ₦1,067 → ₦1,050 (-₦17)
- Aipec: ₦1,068 → ₦1,050 (-₦18)
LPG (Cooking Gas)
- Techno Gas: ₦975 → ₦970 (-₦5)
ATK (Aviation Fuel)
- Duport: ₦1,100 → ₦1,075 (-₦25)
- Africa Terminal: ₦1,100 → ₦1,075 (-₦25)
With gas and fuel prices softening slightly, Coconut Axis traders may pass these reductions on to consumers in the coming weeks.
Satellite Axis Depots (Lagos Mainland & Environs)
Satellite Axis depots also recorded downward price adjustments:
PMS (Petrol)
- Wosbab: ₦930 → ₦912 (-₦18)
- Chipet: ₦935 → ₦912 (-₦23)
AGO (Diesel)
- AA Rano: ₦1,068 → ₦1,051 (-₦17)
- Menj: ₦1,066 → ₦1,050 (-₦16)
LPG (Cooking Gas)
- Rainoil: ₦1,070 → ₦960 (-₦110)
- AA Rano: ₦995 → ₦960 (-₦35)
ATK (Aviation Fuel)
- Rainoil: ₦1,100 → ₦1,070 (-₦30)
The sharp ₦110 drop in Rainoil’s LPG price is the biggest reduction seen across all depots, suggesting increasing gas supply.
Port Harcourt Depots (Rivers State)
Depots in Port Harcourt followed a similar downward trend, particularly in AGO and PMS.
PMS (Petrol)
- Bulk Strategic: ₦963 → ₦937 (-₦26)
- Matrix PH: ₦940 → ₦937 (-₦3)
- Liquid Bulk: ₦961 → ₦960 (-₦1)
AGO (Diesel)
- Bulk Strategic: ₦1,090 → ₦1,079 (-₦11)
- Stockgap: ₦1,090 → ₦1,080 (-₦10)
Port Harcourt’s price drops were minimal, indicating stable supply conditions.
Delta Depots (Warri & Environs)
Depot prices in Delta showed a mix of reductions and stability, particularly in diesel and gas.
PMS (Petrol)
- A.Y.M Shafa: ₦960 → ₦930 (-₦30)
- Matrix Warri: ₦960 → ₦932 (-₦28)
AGO (Diesel)
- A.Y.M Shafa: ₦1,080 → ₦1,070 (-₦10)
- Prudent Oghara: ₦1,078 → ₦1,072 (-₦6)
- Matrix Warri: ₦1,080 → ₦1,070 (-₦10)
- Taurus: ₦1,080 → ₦1,069 (-₦11)
- Edo Refinery: ₦1,080 → ₦1,068 (-₦12)
- Optima: ₦1,080 → ₦1,069 (-₦11)
LPG (Cooking Gas)
- Prudent Oghara: ₦1,120 → ₦1,115 (-₦5)
- Matrix Warri: ₦1,125 → ₦1,125 (No Change)
ATK (Aviation Fuel)
- Matrix Warri: ₦1,250 → ₦1,250 (No Change)
Delta depots showed some of the largest reductions in PMS prices, particularly at A.Y.M Shafa and Matrix Warri.
Calabar Depots (Cross River State)
Calabar depots also recorded slight drops in PMS pricing.
PMS (Petrol)
- Northwest: ₦948 → ₦945 (-₦3)
- Sobaz: ₦954 → ₦945 (-₦9)
- Zone 4: ₦950 → ₦942 (-₦8)
The reductions in Calabar were minor compared to Lagos and Delta, suggesting steady market conditions in Cross River State.
What This Means for Nigerians
The overall trend in depot pricing suggests a general softening in fuel prices across most regions, but LPG remains volatile. While diesel and petrol prices dipped slightly, LPG recorded more significant reductions, particularly at Rainoil and Dockyard Axis depots.
For consumers, this could mean slightly lower pump prices in the coming weeks, although market forces such as demand, supply chain costs, and forex rates will ultimately determine the extent of relief for Nigerians.
