Depot Owners Hike Cooking Gas Price by ₦100/kg Amid US–Israel–Iran Tensions

By Rachel Akper

 Depot owners across Nigeria have increased the price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, by an average of ₦100 per kilogramme, citing rising global crude oil prices triggered by the escalating conflict involving the United States, Israel and Iran.

Market checks at major LPG depots indicate that the new pricing regime took effect this week, with several operators adjusting their ex-depot rates upward in response to volatility in international energy markets.

Industry sources confirmed that some major marketers have revised their prices. Nipco Plc is reportedly selling around ₦950 per kilogramme, while Navgas Limited and Techno Oil Limited have also adjusted their rates upward, compared to the previous average of about ₦800 per kilogramme.

Stakeholders attributed the development to fears of supply disruptions in the Middle East, particularly around the Strait of Hormuz, a critical global oil transit route. Rising crude oil benchmarks have increased replacement costs for imported LPG, prompting depot owners to transfer the additional burden to marketers.

Energy analysts say Nigeria, despite being a gas-producing nation, remains vulnerable to global price shocks due to its dependence on international pricing structures and logistics costs tied to imports and distribution.

The latest hike is expected to have a ripple effect on retail prices, potentially pushing refill costs higher for households already grappling with inflation and elevated living expenses.