- Cooking gas prices in Nigeria are approaching a new high due to global oil market instability
- Consumers face increased retail costs as depot operators adjust LPG rates amid geopolitical tensions
- Experts warn of potential further price hikes if Middle East conflicts persist, deepening economic strain
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh price adjustments by cooking gas depot operators across Nigeria have pushed liquefied petroleum gas (LPG), popularly known as cooking gas, closer to N1,400 per kilogram, raising concerns over the rising cost of living for households already under pressure.
The latest increase comes as global crude oil prices remain unstable following renewed tensions between the United States and Iran around the Strait of Hormuz, one of the world’s most critical oil shipping routes.
Credit: NurPhoto / Contributor
Source: Getty Images
Oil market data from Oilprice.com showed that Brent crude briefly surged to nearly $100 per barrel earlier this week before easing to about $96.7 on Wednesday, June 3, 2026.
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Analysts say the uncertainty in the Middle East could continue to affect energy prices globally in the coming weeks.
Depot operators release new LPG rates
According to fresh market data released by PetroleumPriceNG, several major depot operators have adjusted their LPG prices upward as they attempt to shield themselves from potential losses linked to volatile international oil prices.
The updated rates show that A.Y.M Shafa now sells cooking gas at N1,360 per kilogram, while NAVGAS and NIPCO Lagos fixed their prices at N1,275 per kilogram. Rainoil Lagos also adjusted its rate to N1,280 per kilogram.
Industry players say many depots are adopting defensive pricing measures amid fears that further shocks in the global oil market could worsen supply costs.
Retail prices are already hitting consumers
The impact of the fresh depot prices is already being felt by consumers nationwide, with retail cooking gas prices reportedly climbing to around N1,600 per kilogram in many locations.
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For households relying heavily on LPG for daily cooking, the latest increase has added to existing financial strain caused by rising food and transportation costs.
A previous report by Legit.ng revealed that a standard 12.5kg cylinder of cooking gas sold for as high as N22,000 over the weekend, forcing some families to seek cheaper alternatives such as charcoal and firewood.
Experts warn of further increases
Energy analysts have warned that cooking gas prices may continue to rise if geopolitical tensions in the Middle East persist.
Speaking with Legit.ng, energy policy analyst and Platforms Africa Team Lead, Adeola Yusuf, said the global energy market is likely to remain unstable until there is a significant diplomatic breakthrough between the US and Iran.
Credit: Novatis
Source: UGC
“The market will continue to remain largely volatile until the US and Iran come to a crucial deal,” he said.
Yusuf added that although Nigeria still feels the impact of global energy shocks, local refining capacity, particularly from the Dangote Refinery, may help cushion the effect to some extent.
Despite this, many Nigerians fear that another round of cooking gas price increases could deepen economic hardship for low- and middle-income households across the country.
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Cooking gas dealers release fresh prices nationwide
Legit.ng earlier reported that Nigerians are facing fresh pressure on household budgets as cooking gas prices continue to rise across major cities, with some consumers now paying as much as N2,000 per kilogram amid growing supply shortages and rising operational costs.
A market survey conducted on Monday, May 25, 2026, showed significant increases in the price of liquefied petroleum gas (LPG), commonly known as cooking gas, across parts of Lagos, Ogun, Abuja, and other states.
The latest hikes have sparked concerns among consumers and industry stakeholders, many of whom fear that the situation could deteriorate further if urgent measures are not taken.
Source: Legit.ng