Cooking Gas Prices Surges 40%, 1kg Now Sells For N1,400 Amid Middle East War
- Ex-depot price for cooking gas surged 13%, now hitting N18 million per 20MT amidst US-Iran tensions
- Experts warn LPG price hikes are tied to regional crises, affecting supply and costs globally
- Nigerians face rising energy prices as crude oil fluctuations impact domestic markets amid ongoing conflicts
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Following the ongoing US-Iran war, the ex-depot price for cooking gas has risen 13% per week to N18 million per 20 metric tons (MT), from N15.95 million recorded last week.
The new rate translates to N1,400 per kilogram, showing a 40% increase from N1,000 recorded last week.
Source: Getty Images
Cooking gas prices hit N1,400/kg
Experts have said that the regional crisis has disrupted oil production and supply in the international crude oil market, affecting petroleum product prices globally.
Findings show that some gas outlets in Lagos now sell the product for about N1,400 per kilogram in several locations.
According to a report by Vanguard, the National President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPAG), Iyang Edu, revealed that depot prices increased to N18 million per 20MT, while some depots sold as high as N19 million.
Marketers reveal reason for LPG price increase
Edu disclosed that marketers are faced with a limited supply in the international market due to the Iran-Israel-American crisis, which has affected availability and pricing.
According to him, despite the availability of local production, including supplies from the 650,000 bpd-capacity Dangote Refinery, when international prices rise, local costs are affected.
He revealed that as of last week, the LPG price dropped to N15.95 million per 20MT from N16 million, but has now risen to N18 million.
Spike in crude prices affecting energy costs
He said that some depots are now selling the product at N19 million per 20MT.
Edu said that the increase has affected prices at gas plants nationwide, as marketers who previously purchased the product at N15.95 million or N16 million per 20MT must now sell to retailers and consumers at the current price to remain in business.
He asked Nigerian consumers and retailers to question gas plant operators, saying that the increase is driven by international market dynamics and prevailing realities in the country.
He said.
“We are hopeful that the crisis will be resolved soon, but even when it is, it will take time for prices to drop. For now, the effect of the crisis is impacting the entire oil and gas industry.”
He assured that supplies remain stable and available, with some depots temporarily out of stock and awaiting incoming vessels.
Dangote Refinery adjusts petrol and LPG prices
Edu disclosed that since the beginning of 2025, the commodity’s price has remained relatively stable but has now been heavily impacted by the Middle East crisis.
“Crude oil is an international commodity priced in dollars,” he explained.
Edu said that with crude oil selling at $84 per barrel, the Dangote Refinery needed to adjust prices for petrol, diesel and cooking gas.
Edu added that the ex-depot price of petrol rose N875 per litre from N774.
“This is likely to have a ripple effect on the domestic economy, including transportation costs, food prices and overall economic activity. Given the removal of fuel subsidy, returning to subsidised pricing is not a feasible solution,” he said.
Experts reveal impact on Nigerians
Meanwhile, some energy experts have reacted to the increasing price of petroleum products across Nigeria, calling for calm and understanding of the global dynamics.
“Price will continue to escalate if the crisis in the Middle East continues,” said energy policy analyst Adeola Yusuf.
“Crude oil is a tool for international politics and is highly susceptible to tensions,” he said.
He revealed that the blockade of the Strait of Hormuz by Iranian forces has stalled about 20% of the world’s oil shipments, thereby affecting the price of petroleum products globally.
Osas Igho, a financial analyst told Legit.ng that the situation can have a ripple effect and severely affect the naira.
“I am talking about food prices, transportation costs, and energy prices. It will affect even the naira,” he said.
As the crisis in Iran continues, Nigerians hope for a reprieve in energy costs.
Source: Getty Images
Depot owners increase cooking gas Prices
Legit.ng earlier reported that depot owners across Nigeria have increased the price of liquefied petroleum gas (LPG), commonly known as cooking gas, by an average of N100 per kilogram.
The increase is the result of a geopolitical turmoil in the Middle East which has affected global energy markets and impacts Nigerian households.
Petroleumprice.ng reports that NIPCO Plc, one of Nigeria’s largest LPG distributors, is now selling at N950 per kilogram, Navgas Limited at N900, and Techno Oil Limited at N885.
Source: Legit.ng
