Nigerian households are confronting a severe and sudden financial strain as the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has surged dramatically. Verified market data reveals a punishing 40% increase at the retail level within a single week, escalating the price per kilogram from approximately ₦1,000 to ₦1,400.
This consumer shock originates at the wholesale level. The ex-depot price for a 20-metric-tonne load of LPG rose by 13% week-on-week, climbing from ₦15.95 million to ₦18 million. Confirmations from gas stations across Lagos affirm the new pricing reality, leaving families to make difficult choices about their daily cooking needs.
The National President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr. Inyang Edu, has officially validated the price increase. He noted that while prices had seen a slight dip to ₦15.95 million last week, the current crisis has driven costs up to ₦18 million, with some depots charging as high as ₦19 million.
This domestic crisis is unfolding against a backdrop of significant global energy market shifts. In a move with potential worldwide ramifications, China has instructed its largest oil refiners to immediately suspend exports of diesel and gasoline. This directive from the National Development and Reform Commission aims to ensure domestic supply but could tighten global fuel availability and influence prices.
Simultaneously, international attention is turning to Venezuela, with US mining firms reportedly exploring investment opportunities following eased sanctions. These concurrent developments—China locking down supply and new capital flowing to a major oil producer—are creating volatile conditions that directly impact import-dependent markets like Nigeria's LPG sector.
The convergence of these local and international factors presents a complex challenge for Nigerian consumers, who now bear the brunt of a global energy adjustment through significantly higher costs of living.
