New depot prices for Liquefied Petroleum Gas (LPG) have been released, with wholesale rates ranging from N1,005 to N1,050 per kilogramme across major marketers in Nigeria. This marks a continued decline in loading costs, bringing relief to consumers who have faced soaring cooking gas prices in recent months.
According to depot price data from Petroleumprice.ng, Navgas quoted the lowest wholesale price at N1,005 per kilogramme. Rain Oil sold at N1,030 per kilogramme, while 11 Plc and NIPCO both priced LPG at N1,050 per kilogramme. These figures, quoted on Monday, August 3, provide a benchmark for marketers and retailers, who typically add transportation, handling, and operating costs before selling to end users.
Sharp Retail Price Decline in Lagos and Enugu
The new wholesale rates follow a sharp decline in depot loading prices over recent weeks, driven by improved product availability, according to dealers. This decline is now filtering through to retail outlets, with cooking gas selling for about N1,400 per kilogramme in several cities.
BusinessDay reported that cooking gas, which sold for more than N2,000 per kilogramme in June and reached as high as N2,300 in some states, now sells for around N1,400 per kilogramme in Lagos, Enugu, and several other parts of the country. This represents a drop of about 39% in two months.
Dealers Attribute Decline to Improved Supply
Depot dealers told the newspaper that stronger LPG supply during July lowered loading prices, allowing retailers to reduce pump prices by more than 30%. Lagos resident Juliet Onyinyechi budgeted N14,000 to refill her 6kg cylinder but paid N8,400 after her retailer charged N1,400 per kilogramme instead of the N2,300 she paid a month earlier.
In Enugu, retail prices have fallen to about N1,400 per kilogramme from around N1,900 in June. Obiora Ani, a gas dealer in Uwani, Enugu, attributed the decline to improved nationwide supply.
Market Outlook and Key Drivers
Market participants said depot prices remain a key indicator of future retail movements, with international LPG prices, exchange rate fluctuations, freight charges, and domestic supply conditions continuing to determine wholesale and consumer prices.
Despite the recent decline, the National Bureau of Statistics (NBS) previously reported that the average cost of refilling a 5kg cylinder of LPG climbed to N8,706.93 in April 2026, up from N7,655.73 in March. That represented a 13.73% month-on-month increase and was 10.42% higher than the N7,885.60 average price recorded in April 2025.
Impact on Consumers and Future Trends
The NBS also disclosed that the average price of refilling a 12.5kg LPG cylinder rose by 13.89% over the same period, increasing from N19,652.83 in March to N22,382.20 in April 2026. However, the recent depot price reductions suggest a more favorable trend for consumers in the coming weeks.
As the market adjusts, stakeholders will be watching international prices and domestic supply dynamics closely. The current decline offers a respite for households and businesses that have struggled with high energy costs, but sustained affordability will depend on maintaining robust supply and stable exchange rates.
