Cooking Gas Prices Drop Across Nigeria

The cost of cooking gas in Nigeria has dropped, giving a bit of relief to families struggling with the rising cost of living. This recent decrease follows changes in global crude oil prices, which recently went below \$70 per barrel.

New price information shows that some major depot owners, including the Dangote Petroleum Refinery, have adjusted their prices. Dealers are reacting to global trends by reducing prices slightly across key supply points.

According to the data, most depots are still selling gas to retailers at prices above N900 per kilogram. However, Dangote Refinery stands out, offering gas at N855 per kilogram as of Tuesday, May 20. This marks a N10 or 1.16% drop compared to the previous day.

Other depots also recorded small price cuts. Ardova now sells gas at N915/kg, down by N10 (1.08%). NIPCO Lagos and 11 Plc both reduced their prices to N920/kg, which is a N5 (0.54%) decrease. Meanwhile, Rainoil Lagos and A.A. Rano kept their prices unchanged at N920/kg.

Despite these reductions at the wholesale level, prices remain high for consumers. Across many parts of the country, people are still paying as much as N1,200 per kilogram to refill their gas cylinders. Just a year ago, this same amount of gas cost around N950 per kilogram.

A market survey showed that the drop in depot prices has not led to significant changes at the retail level. Kunle Ajami, a manager at a gas plant in Lagos, explained the situation:
“Although depots prices have reduced, but when you consider all the other costs, there’s not much difference. That’s why we still sell at our current prices. Infact we don’t sell 1kg to our customers.”

Ajami also shared their updated price list for customers:

– 1kg – N1,200

– 2kg – N2,400

– 3kg – N3,600

– 4kg – N4,800

– 5kg – N6,000

– 6.25kg – N7,500

– 10kg – N12,000

– 12.5kg – N12,000

– 15kg – N18,000

– 20kg – N24,000

– 25kg – N30,000

– 50kg – N60,000

There is hope that prices may drop further in the future. The Nigerian government has recently stopped the export of locally produced cooking gas to make sure there’s enough supply for Nigerians at home.

The Minister of State for Petroleum Resources (Gas), Ekperikpo Ekpo, issued the order to help bring down domestic prices. His spokesperson, Louis Ibah, said this decision was made during a high-level meeting in Abuja with stakeholders in the gas sector.

This move is expected to help lower the pressure on households dealing with high energy costs and encourage more stable and affordable gas prices in the local market.

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