Energy depot owners have released new prices for liquefied petroleum gas (LPG), commonly known as cooking gas, as retail rates approach N1,500 per kilogram across Nigeria. The sharp rise in global crude oil prices continues to exert pressure on households already grappling with inflation and high living costs.
Crude Oil Surge Drives LPG Price Hike
Industry data reveals that depot operators and marketers have once again adjusted LPG prices upward as crude oil prices climb amid escalating tensions in the Strait of Hormuz, a critical shipping route handling nearly 20% of global oil supply. Brent crude now trades above $110 per barrel, while some Nigerian crude grades have surged to $120 per barrel due to tightening global supply concerns.
Nigeria’s premium crude grades have outperformed major global benchmarks in recent trading sessions. As of 8:05 a.m. (WAT), Brent crude stood at $110.5 per barrel, down 1.42%, while West Texas Intermediate (WTI) was at $103.7 per barrel, according to Oilprice.com. However, Nigerian grades posted sharper increases: Brass River crude rose to $116.05 per barrel, gaining $3.68 or 3.27%, and Qua Iboe climbed to $115.95 per barrel, also up by $3.68 or 3.28%.
Analysts attribute this strong performance to growing international demand for Nigeria’s light sweet crude, particularly from refiners in Europe and Asia seeking cleaner and more efficient refining options amid global supply disruptions. The widening gap between Nigerian crude and global benchmarks highlights increasing competition for limited high-quality crude supplies as geopolitical uncertainty roils energy markets.
Depot LPG Prices Cross N1,200 per Kg
The surge in crude oil prices is now directly impacting Nigeria’s domestic energy market. According to data from PetroleumPriceNG, depot operators are raising prices for petroleum products, including petrol and cooking gas, to buffer against market volatility and potential losses.
As of Tuesday, May 19, 2026, average depot prices for cooking gas have moved above the N1,200 per kilogram mark. Several major marketers have already revised their prices upward:
- NAVGAS – N1,200 per kg
- Ardova – N1,065 per kg
- Stockgap – N1,250 per kg
- RainOil Lagos – N1,120 per kg
Depot operators say these adjustments are necessary to reflect prevailing international market realities and rising supply costs.
Retail Prices Near N1,500 per Kg
Across many parts of Nigeria, retail cooking gas prices are reportedly approaching N1,500 per kilogram, worsening the financial burden on households already struggling with inflation and rising living costs. The latest increase has sparked fears that many families may abandon cooking gas entirely and return to cheaper alternatives such as charcoal and firewood.
Energy experts warn that continued pressure on LPG prices could reverse years of progress made in promoting cleaner cooking energy in Nigeria. The International Energy Agency has also raised concerns over tightening global crude reserves, adding to fears that energy prices may remain elevated for an extended period if geopolitical tensions persist.
Cooking Gas Shortage Hits Lagos
Legit.ng earlier reported fresh concerns across Nigeria’s energy market as a growing shortage of LPG threatens to trigger another round of price increases for households and businesses. New market checks have shown tightening LPG supply across major depots in Lagos, with only a handful of facilities currently maintaining sufficient stock for loading operations. This development has raised fears among marketers and consumers that retail cooking gas prices may soon rise further if supply challenges persist.
