Importers and Petroleum products marketers have sharply reduced the depot prices of cooking gas also known as liquefied petroleum gas (LPG), creating a slight relief for Nigeria households.
The latest price revisions come amid a prolonged slide in global crude oil prices, a development that has eased the cost of petroleum products, including liquefied petroleum gas (LPG), commonly used for cooking.
Major depots announce new cooking gas prices
Recent market figures obtained from PetroleumpriceNG indicate that a number of leading petroleum marketers have reduced their depot prices.
The updated prices are as follows:
Techno Oil: N1,075 per kilogram
Ardova Plc: N1,080 per kilogram
Rainoil (Lagos): N1,090 per kilogram
11Plc: N1,090 per kilogram.
Dangote Refinery has also revised its LPG depot price, joining other marketers in responding to the ongoing downward movement across the domestic market.
The latest reductions follow a period of sharp increases in cooking gas prices just a few weeks earlier, when LPG sold for more than N2,000 per kilogram at some depots.
The surge sparked widespread concern among households and businesses that rely on the product for everyday cooking.
Declining crude oil prices influence LPG market
The recent drop in cooking gas prices reflects continued softness in the global crude oil market. Figures published by Oilprice.com show that international benchmark crude prices have maintained a downward trend.
As of Friday, July 3, 2026, Brent crude was trading slightly above $71 per barrel, while West Texas Intermediate (WTI) declined to $68.60 per barrel, marking its lowest price since March. Mirban crude stood at $66.29 per barrel.
The decline in crude oil prices has lowered both production and import expenses for petroleum products, encouraging marketers to adjust their depot prices downward.
FG seeks increased LPG imports
Earlier, the Federal Government instructed marketers to ramp up LPG imports as part of efforts to tackle supply shortages and reduce prices following the sharp increases recorded in recent weeks.
According to industry stakeholders, the recent fall in depot prices has been supported by a combination of improved product availability and declining international crude oil prices.
Analysts expect additional price reductions
Although cooking gas prices have started to decline, some market analysts maintain that LPG is still selling above levels justified by prevailing market conditions.
Financial analyst Osas Igho said the drop in global crude oil prices, coupled with lower landing costs, should result in more affordable cooking gas for consumers.
According to him, cooking gas should retail at below N1,000 per kilogram, noting that current landing costs have already fallen beneath that level.
He added that although consumers are beginning to benefit from the recent adjustments, there is still room for further reductions if global oil prices remain subdued and supply continues to improve.
