Cooking Gas Price Jumps 40% as Global Tensions Push Costs Higher

The price of cooking gas in Nigeria has increased sharply following rising tensions in the Middle East, with industry data showing a significant jump in depot prices within one week.

According to market figures from the liquefied petroleum gas (LPG) sector, the ex-depot price for cooking gas has risen to about ₦18 million per 20 metric tonnes, up from ₦15.95 million recorded the previous week. This represents an increase of roughly 13 per cent within a week.

The new price at the depot now translates to an estimated ₦1,400 per kilogram at the retail level, compared to around ₦1,000 per kilogram just last week. The development represents an increase of about 40 per cent in the price consumers pay for cooking gas.

Industry operators say the sharp rise is linked to the ongoing geopolitical tensions between the United States and Iran, which have affected global energy markets. The conflict has triggered concerns over supply disruptions and increased crude oil prices, factors that often influence the cost of LPG worldwide.

Nigeria relies partly on international market pricing for liquefied petroleum gas, which means global events can quickly impact domestic prices. As international prices rise, import costs increase, and the effect is eventually reflected in the prices paid by consumers.

Many gas plant operators across major cities, including Lagos, Abuja, and Port Harcourt, have already begun adjusting their retail prices to reflect the new depot rate. The development is expected to place additional pressure on households and small businesses that depend on cooking gas for daily use.

Energy analysts warn that the situation may persist if tensions in the Middle East continue to escalate. They noted that prolonged instability in global oil and gas markets could lead to further increases in cooking gas prices in Nigeria.

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