Market News

Depot owners across Nigeria have raised the price of liquefied petroleum gas, commonly known as cooking gas, by an average of N100 per kilogram, as geopolitical turmoil in the Middle East ripples through global energy markets and lands squarely on the kitchens of Nigerian households.

Nipco Plc, one of Nigeria’s largest LPG distributors, is now selling at N950 per kilogram. Navgas Limited is dispensing at N900, while Techno Oil Limited has priced its stock at N885 per kilogram.

The adjustments represent a sharp climb from the previous market average of around N800 per kilogram and come after coordinated US–Israel airstrikes on Iran disrupted crude oil flows from the Persian Gulf to the global market.

Nigeria’s Bonny Light crude, the country’s benchmark export grade, surged to $80 per barrel from $70, its highest since July 2025, according to market data tracked by BusinessDay.

Brent crude, the global reference price, climbed to $79.08 per barrel from $72.87, while Murban crude rose to $81.05 from $74.24. West Texas Intermediate, the US benchmark, advanced to $72.24 per barrel from $62, marking one of its sharpest single-session rallies in recent memory.

The pass-through from international oil prices to domestic LPG costs reflects a structural vulnerability that Nigerian consumers have long grappled with. Because the country imports the bulk of its refined petroleum products and prices LPG in line with global parity, any shock to the crude market hits at the pump and at the stove.

“Every time there is a crisis in the Middle East, we feel it here in Lagos,” said one retailer at a filling station on Lagos Island who declined to be named. “We have no choice but to adjust our prices. The product coming in is more expensive.”