Nigeria Sees Up to 40% Drop in Cooking Gas Prices

Retailers and depots across Nigeria have announced a significant reduction in cooking gas prices, with decreases reaching as much as 40% from the peak prices observed in June. The Liquefied and Compressed Gases Association (NLCGA) reported that the national average price for refilling a 12.5kg cylinder was approximately N1,360 in February, but this surged above N2,000 by June, with some locations seeing prices as high as N2,300.

The price increase was attributed to supply constraints, higher logistics costs, and broader market pressures, which heavily impacted households and businesses reliant on liquefied petroleum gas (LPG). NLCGA Executive Secretary and CEO, Lanrewaju Baiyewu, stated that ongoing engagement among government agencies, local producers, and industry stakeholders has improved domestic LPG supply.

However, he cautioned that long-term price stability requires consistent implementation of the Petroleum Act (PIA). The NLCGA aims for domestic cooking gas consumption of five million metric tonnes by 2030 and is promoting compressed natural gas (CNG) for transportation.