Cooking Gas Prices Near N1,400 per kg as Global Oil Volatility Hits Nigeria
By Aboki Forex —
Fresh price adjustments by cooking gas depot operators across Nigeria have pushed liquefied petroleum gas (LPG) closer to N1,400 per kilogram. The increase raises concerns over the rising cost of living for households already under pressure.
The latest hike comes as global crude oil prices remain unstable following renewed tensions between the United States and Iran around the Strait of Hormuz. That waterway is one of the world’s most critical oil shipping routes.
Oil market data from Oilprice.com showed that Brent crude briefly surged to nearly $100 per barrel earlier this week before easing to about $96.7 on Wednesday, June 3, 2026.
Depot Operators Adjust Prices
According to fresh market data released by PetroleumPriceNG, several major depot operators have adjusted their LPG prices upward. They are trying to shield themselves from potential losses linked to volatile international oil prices.
The updated rates show that A.Y.M Shafa now sells cooking gas at N1,360 per kilogram. NAVGAS and NIPCO Lagos fixed their prices at N1,275 per kilogram. Rainoil Lagos also adjusted its rate to N1,280 per kilogram.
Industry players say many depots are adopting defensive pricing measures. They fear that further shocks in the global oil market could worsen supply costs.
Consumers Feel the Pain
The impact of the fresh depot prices is already being felt by consumers nationwide. Retail cooking gas prices have reportedly climbed to around N1,600 per kilogram in many locations.
For households relying heavily on LPG for daily cooking, the latest increase has added to existing financial strain caused by rising food and transportation costs.
A previous report by Legit.ng revealed that a standard 12.5kg cylinder of cooking gas sold for as high as N22,000 over the weekend. Some families have been forced to seek cheaper alternatives such as charcoal and firewood.
Experts Warn of More Hikes
Energy analysts have warned that cooking gas prices may continue to rise if geopolitical tensions in the Middle East persist.
Speaking with Legit.ng, energy policy analyst and Platforms Africa Team Lead, Adeola Yusuf, said the global energy market is likely to remain unstable until there is a significant diplomatic breakthrough between the US and Iran.
“The market will continue to remain largely volatile until the US and Iran come to a crucial deal,” he said.
Yusuf added that although Nigeria still feels the impact of global energy shocks, local refining capacity, particularly from the Dangote Refinery, may help cushion the effect to some extent.
Despite this, many Nigerians fear that another round of cooking gas price increases could deepen economic hardship for low- and middle-income households across the country.
Legit.ng earlier reported that Nigerians are facing fresh pressure on household budgets as cooking gas prices continue to rise across major cities. Some consumers now pay as much as N2,000 per kilogram amid growing supply shortages and rising operational costs.
A market survey conducted on Monday, May 25, 2026, showed significant increases in the price of LPG across parts of Lagos, Ogun, Abuja, and other states. The latest hikes have sparked concerns among consumers and industry stakeholders. Many fear that the situation could deteriorate further if urgent measures are not taken.