Nigeria’s Petrol Depot Prices Edge Lower as AGO Market Shows Mixed Movement
By Eyo Nsima
Nigeria’s downstream petroleum market recorded marginal declines in Premium Motor Spirit (PMS) depot prices on Wednesday, July 1, 2026, as competition among suppliers and improving domestic supply conditions continued to influence market movements.
Data from major depots across Lagos, Port Harcourt, Calabar and Warri showed that petrol prices largely remained within the ₦1,120–₦1,135 per litre range, with most locations recording small downward adjustments compared with previous trading levels.
In Lagos, PMS prices at several depots eased slightly. African Terminal, Ascon, Bonny Oil (BONO), Emadeb and Sahara depots reduced prices by ₦1 per litre to about ₦1,120, while Pinnacle depot adjusted downward by ₦2 to ₦1,121 per litre. NIPCO recorded one of the larger reductions in the Lagos market, cutting its PMS price by ₦7 to ₦1,118 per litre.
The Dangote Refinery depot maintained its PMS price at ₦1,126 per litre, remaining among the highest-priced suppliers in the Lagos market. Matrix and MRS depots were listed around ₦1,125 per litre.
In Port Harcourt, PMS prices were similarly stable, with Bulk Strategic reducing its price by ₦3 to ₦1,123 per litre, while Matrix and Sigmund depots also lowered PMS prices by ₦7 and ₦3 respectively. The Dangote Refinery depot maintained PMS at ₦1,126 per litre.
The modest decline in depot prices comes as domestic refiners and petroleum marketers continue to adjust supply strategies amid increased local refining output and changing global crude market conditions.
The Automotive Gas Oil (AGO), commonly known as diesel, market recorded mixed movements across locations. In Port Harcourt, Aiteo reduced AGO by ₦5 to ₦1,460 per litre, while Duport and Ibachem depots also recorded reductions of ₦10 and ₦5 respectively.
However, some depots recorded upward movements. Matrix depot in Port Harcourt increased AGO by ₦45 to ₦1,520 per litre, while Sigmund depot raised its diesel price by ₦43 to ₦1,518 per litre.
In Warri, AGO prices were mixed, with A.Y.M Shafa increasing diesel by ₦10 to ₦1,480 per litre, while Prudent depot reduced its AGO price by ₦10 to ₦1,510 per litre.
Calabar’s PMS market also recorded slight declines, with Fynfield reducing petrol by ₦2 to ₦1,135 per litre, while Soroman adjusted downward by ₦3 to ₦1,132 per litre.
Industry observers say the narrow movement in PMS depot prices reflects a more stable downstream environment, with local refining capacity, particularly the Dangote Refinery, playing an increasingly important role in shaping domestic fuel supply and pricing dynamics.
While depot prices have shown signs of moderation, the impact on retail pump prices remains dependent on logistics costs, dealer margins, exchange-rate movements and the speed at which marketers pass on reductions to consumers.
