Considering the trends in depot prices of PMS, AGO, ATK, and LPG with the underlying market dynamics in Nigeria, the weekly price movements offer usable information to project the likely PMS depot average prices next week,
PMS (Petrol) Weekly Insights for November 18-22:
Lowest Prices: The weekly low was recorded at ₦990 (Aiteo on Friday).
Highest Prices: The weekly high was ₦1010 (Rainoil on Thursday).
The midweek prices were relatively stable around ₦997, with a slight dip on Friday to ₦990.
While the highest prices remained capped at ₦1010, with minimal fluctuation for the week.
Projection for November 24- 30
Considering the stable trend, next week’s PMS average price at depots will likely remain between ₦995 and ₦1005, depending on market supply, logistics, and distribution dynamics.
AGO (Diesel) Weekly Insights:
Lowest Prices: The weekly low was recorded at ₦1041 (TMDK on Friday).
Highest Prices: The weekly high was ₦1070 (Nipco on Wednesday).
Trends:
Prices are trending slightly downward towards the end of the week (₦1041).
Midweek peaks suggest some price stabilisation above ₦1043.
Projection for Next Week:
A possible average price range of ₦1045–₦1055 is expected, barring any significant supply shocks.
LPG (Liquefied Petroleum Gas) Weekly Insights:
Lowest Prices: The weekly low was ₦1075 (Dangote on Friday).
Highest Prices: The weekly high was ₦1160 (Oando on Wednesday and Thursday).
Consistent low prices from Dangote indicate stability in supply.
Premium prices remained steady at ₦1150–₦1160.
Projection for Next Week:
LPG depot prices might average ₦1085–₦1145, with possible fluctuations depending on import parity and logistics.
ATK (Aviation Turbine Kerosene) Weekly Insights:
Lowest Prices: The weekly low was ₦1120 (Dangote, consistently).
Highest Prices: The weekly high was ₦1215 (Duport/African Terminal).
Prices were extremely stable, with no significant fluctuations all week.
Projection for Next Week:
The ATK price range will likely remain consistent at ₦1120–₦1215, given the lack of volatility.
Key Drivers for PMS Prices Next Week:
- Supply Chain Stability: Limited fluctuations in depot prices across the week suggest relative market stability.
- Demand Variability: Minimal shifts in demand for PMS can keep the prices steady.
- Global Oil Price Impact: Any changes in international oil prices may indirectly influence depot pricing.
On the international scale, while crude oil prices ended near a 2-week high on escalation in Russia-Ukraine missile exchange, there has not been any disruption in oil supply. However, increased fears of a potential disturbance caused by the Russia-Ukraine conflict may impact the oil market in short bursts. Russia launched an intercontinental ballistic missile.
The missile was described as Moscow’s first use of a long-distance missile designed to deliver nuclear weapons since the conflict began in February 2022.
With the above, a stable market for PMS is projected, with average depot prices likely stabilising between ₦995–₦1005 next week.
