Nigeria's major depots have reduced the depot prices of liquefied petroleum gas (LPG), commonly known as cooking gas, offering relief to consumers after weeks of sharp price increases. The latest adjustments follow a sustained decline in global crude oil prices, which has lowered the cost of petroleum products, including cooking gas.
New depot rates announced
Fresh market data obtained from PetroleumpriceNG shows several major marketers reviewed their depot prices downward. The latest rates include Techno Oil at N1,075 per kilogram, Ardova Plc at N1,080 per kilogram, Rainoil (Lagos) at N1,090 per kilogram, and 11Plc at N1,090 per kilogram. Dangote Refinery is also among marketers that have adjusted LPG prices, reflecting the broader downward trend in the domestic market.
The reductions come after cooking gas prices surged dramatically just weeks ago, with some depots selling LPG for more than N2,000 per kilogram, raising concerns among households and businesses that depend on the product for daily cooking.
Falling crude oil prices drive price cuts
The decline in cooking gas prices mirrors the recent weakness in the international oil market. Data from Oilprice.com shows that global crude benchmarks have continued to retreat. As of Friday, July 3, 2026, Brent crude traded slightly above $71 per barrel, while West Texas Intermediate (WTI) fell to $68.60 per barrel, its lowest level since March. Mirban crude was priced at $66.29 per barrel.
Lower crude prices have reduced production and import costs for petroleum products, prompting marketers to review their pricing.
Government pushes for higher LPG imports
The Federal Government had earlier directed marketers to increase LPG imports to address supply shortages and bring down prices after the sharp spike witnessed in recent weeks. Industry players believe the combination of improved supply and weaker global oil prices has contributed to the latest reduction in depot rates.
Experts say prices can still fall further
Despite the latest price cuts, some analysts argue that cooking gas remains more expensive than current market fundamentals justify. Financial analyst Osas Igho said the decline in international crude oil prices and lower landing costs should translate into even cheaper LPG for consumers. According to him, cooking gas should retail at below N1,000 per kilogram, noting that current landing costs have already fallen beneath that level.
He added that although consumers are beginning to benefit from the recent adjustments, there is still room for further reductions if global oil prices remain subdued and supply continues to improve.
Retail price of cooking gas changes
Nigeria's cooking gas market is facing renewed pressure as retail prices fluctuate across the country, despite the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reporting that the nation has an average LPG stock sufficiency of 11 days. The latest figures, reviewed by Petroleumprice.ng from the NMDPRA factsheet for May 2026, show that while supply remains available, growing demand and shortages at depots are beginning to strain the market. The report shows that LPG has the lowest stock cover among Nigeria's major petroleum products.
