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 following the surge in global crude oil prices triggered by escalating tensions after US–Israel strikes on Iran.
Checks across major storage terminals in Lagos and other parts of the country show fresh upward adjustments. Industry players attributed the hike to rising replacement costs and volatility in international energy markets.
Market data indicate that Nipco Plc is now selling LPG at N950 per kilogram, while Navgas Limited sells at N900 per kilogram. Techno Oil Limited is dispensing at N885 per kilogram, up from the previous average of about N800 per kilogram before the latest adjustment.
The increase follows a spike in Nigeria’s Bonny Light crude to $80 per barrel from around $70, its highest level since July 2025. Global benchmarks also recorded gains, with Brent crude rising to $79.08 per barrel, Murban crude climbing to $81.05 per barrel and West Texas Intermediate increasing to $72.24 per barrel amid fears of supply disruptions.
Oil prices began rising after reports that Iranian crude production — estimated at about 3 million barrels per day and largely exported to Asia — was disrupted following coordinated military strikes. The escalation heightened concerns over potential global supply shocks as traders recalibrated expectations.
Analysts said the surge in international benchmarks has quickly filtered into Nigeria’s downstream sector, where imported products such as LPG are highly sensitive to global pricing trends and foreign exchange fluctuations. Marketers explained that higher crude prices translate into higher landing costs for incoming cargoes, forcing them to adjust ex-depot prices.
The latest price increase places additional pressure on households and small businesses that depend heavily on cooking gas for domestic and commercial energy needs as the market reacts to ongoing geopolitical uncertainty.
