Cooking Gas Prices Skyrocket Nationwide as Depots and Dealers Enforce New Rates
The price of liquefied petroleum gas (LPG), commonly known as cooking gas, has continued its upward trajectory across Nigeria, piling fresh pressure on households already grappling with a high cost of living. Recent market checks reveal that depot and retail prices have risen sharply, with some plants increasing rates from N1,050 per kilogram to as high as N1,200 per kg, a N150 jump in a short period.
Industry Players Attribute Surge to Global Crude Oil Prices
Industry players attribute the surge primarily to escalating global crude oil prices, which directly influence LPG supply chains. A manager at Gasland in Lagos' Iju-Ishaga area, identified as Olalekan, explained that importers have announced new depot rates reflecting up to a 10% increase. “We are seeing as much as a 10% increase in LPG prices, and the dealers are passing the cost to consumers,” he said. The hike, he noted, is a necessary adjustment for businesses to remain viable amid market volatility.
On the streets, consumers report even steeper prices. Many Nigerians now pay up to N1,400 per kilogram, up from around N1,100 previously. In some locations, retail rates have climbed as high as N1,500 per kg, according to widespread reports from dealers and buyers.
Depot Operators Adjust Rates Amid Market Dynamics
Data from petroleum pricing platforms show varied but consistently upward adjustments at major depots. Recent figures indicate that Stockgap sells at N1,055 per kg, Nipco Lagos at N1,037.5, Ardova at N1,032.5, and Rainoil at N1,030. Other operators, including those linked to Dangote Refinery, have also revised ex-depot prices, with 20 metric tonne loads reportedly moving beyond N21 million in some cases, reflecting a significant month-on-month rise.
These changes mirror broader dynamics in the international energy market. Global benchmark crude prices have surged, with Brent crude recently trading around $95–$96 per barrel, WTI near $92, and Murban higher still. Experts point to ongoing geopolitical tensions, particularly the impasse involving the Strait of Hormuz, through which roughly 20% of global crude oil passes, as a key driver of this volatility.
President Donald Trump’s recent threats to impose a blockade or take stronger measures if the strait is not fully reopened have added to market jitters, contributing to the one-per-cent-plus spikes observed in oil benchmarks.
Households Bear the Brunt of Rising Energy Costs
The latest LPG price surge exacerbates economic hardship for ordinary Nigerians. Cooking gas remains a primary fuel for millions of households, and repeated increases directly inflate living expenses at a time when food, transportation, and other essentials are already costly.
Dealers lament slower sales as affordability dwindles, while consumers express frustration over the shrinking purchasing power. One buyer in Lagos described the situation as “killing,” noting the difficulty of budgeting for even basic cooking needs.
Industry observers hope the federal government will intervene with measures to cushion the impact, such as targeted subsidies, increased local refining capacity, or alternative energy incentives. However, with global factors largely outside domestic control, short-term relief may prove challenging.
Outlook and Recommendations for Consumers
As long as geopolitical uncertainties persist around key oil chokepoints like the Strait of Hormuz, Nigerian consumers should brace for continued fluctuations in cooking gas prices. Experts advise households to explore energy-efficient cooking methods, consider bulk purchasing where feasible, or gradually shift toward alternatives like electric or biomass options where infrastructure allows.
For now, the message from depots and dealers is clear: new rates are in effect nationwide, and further adjustments cannot be ruled out if international crude markets remain turbulent. Nigerians continue to watch closely, hoping for stability in an already strained economy.
Earlier reports indicate that depot owners across Nigeria have increased LPG prices ahead of the Easter holiday, as the ongoing US, Israel, and Iran conflict continues to affect Nigerian households’ pockets. The average price of cooking gas is now N1,000, signalling a possible change in retail prices. Data obtained from Petroluemprice.ng shows that NIPCO Lagos increased its depot price to N1,000, up by N45 or 4.71%, while NAVGAS recorded a sharper jump to N1,025 after adding N100, representing a 10.81% increase.
