The price of cooking gas in Nigeria has surged sharply, jumping 40 percent to N1,400 per kilogram, following escalating tensions in the Middle East. The ex-depot price of Liquefied Petroleum Gas (LPG) also rose 13 percent week-on-week to N18 million per 20 metric tonnes, up from N15.95 million last week, reflecting the global impact of disrupted oil supply.
Visits to gas stations in Lagos confirm the spike, with many outlets now selling LPG at N1,400 per kg. Mr. Inyang Edu, National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, told Vanguard that some depots are charging as much as N19 million per 20 MT, while a few have sold at N17.5 million. “Even though we have local production, including from the Dangote Refinery, international price trends directly affect domestic prices,” Edu explained.
Edu noted that the Middle East crisis, involving Iraq, Israel, and the United States, has created limited supply in the international market. This shortage has forced marketers to increase prices to remain in business. He appealed to consumers not to blame gas plant owners, stressing that the hike reflects realities in both the global and local oil markets.
The LPG price increase is part of a broader rise in petroleum products. Premium Motor Spirit (PMS), or petrol, now costs N875 per litre, up from N774, influenced by global oil prices reaching $84 per barrel. Experts warn that these surges will have ripple effects on transport, food costs, and overall economic activity in Nigeria, particularly in the absence of fuel subsidies.
Despite the price hike, supply remains relatively stable, though some depots are temporarily out of stock awaiting new shipments. Edu urged the government to monitor international oil prices closely and adjust policies to cushion domestic economic impact, emphasizing that resolution of the crisis may take time before prices return to previous levels.
source: vanguard