Cooking gas prices crash as marketers announce new depot rates from N1,005/kg

Cooking gas dealers have released fresh depot prices, with wholesale rates ranging from N1,005 to N1,050 per kilogramme. The new rates, quoted on Monday, August 3, extend the decline in loading costs for liquefied petroleum gas (LPG) across Nigeria.

Depot prices

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.

The latest depot prices serve as a benchmark for marketers and retailers, who typically add transportation, handling, and operating costs before selling to end-users.

Retail relief

The new wholesale rates follow a sharp decline in depot loading prices over recent weeks, driven by improved product availability, according to dealers. The decline is beginning to reflect at the retail level.

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. That is a drop of about 39% in two months.

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.

Retail prices in Enugu have also 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.

Outlook

Market participants said depot prices remain a key indicator of future retail movements. International LPG prices, exchange rate fluctuations, freight charges and domestic supply conditions continue to determine wholesale and consumer prices.

The National Bureau of Statistics (NBS) earlier 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 was a 13.73% month-on-month increase and 10.42% higher than the N7,885.60 average recorded in April 2025.

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.