Business
Cooking Gas Prices Drop Slightly After Sharp Increase
By Benjamin Abioye
The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has undergone significant changes in Nigeria over the past year.
In October 2024, the cost per kilogram surged to ₦1,500, a sharp rise from ₦700 in June 2023, reflecting a 114% increase within 16 months.
Recent market trends, however, indicate a slight decline in prices. As of February 7, 2025, depot rates for a 20-metric-ton (MT) load were recorded as follows:
– NIPCO – ₦19,400,000
– NAVGAS – ₦19,500,000
– MATRIX – ₦22,500,000
These figures suggest that the average price per kilogram now falls between ₦1,200 and ₦1,300, depending on the supplier. However, retail prices may vary due to factors such as location, transportation expenses, and retailer profit margins.
The volatility in cooking gas prices is driven by several factors, including global energy trends, fluctuations in the exchange rate, and domestic supply constraints. With more than 60% of Nigeria’s LPG sourced from imports, the market remains highly sensitive to international price movements and currency value shifts.
Below is a breakdown of the estimated retail prices for different cylinder sizes:
– 3kg Cylinder – ₦3,900
– 5kg Cylinder – ₦6,500
– 6kg Cylinder – ₦7,800
– 10kg Cylinder – ₦13,000
– 12.5kg Cylinder – ₦16,250
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