Fresh Relief as Marketers Announce New Prices for Cooking Gas

Liquefied Petroleum Gas (LPG) dealers have released fresh depot prices, with wholesale rates ranging between N1,005 and N1,050 per kilogramme.

The price movement, which was quoted on Monday, August 3, extends the decline in loading costs for cooking gas across Nigeria.

According to depot price data from Petroleumprice.ng, Navgas quoted the lowest wholesale price at N1,005 per kilogramme.

Rain Oil sold at N1,030 per kilogramme, while 11 Plc and NIPCO both priced LPG at N1,050 per kilogramme. The latest depot prices serve as a benchmark for marketers and retailers, who typically add transportation, handling, and operating costs before selling to end-users.

The new wholesale rates follow a sharp decline in depot loading prices over recent weeks, driven by improved product availability, according to dealers.

Lower depot prices reach consumers

The decline in wholesale prices is beginning to reflect at the retail level. BusinessDay reported that cooking gas, which sold for more than N2,000 per kilogramme in June and reached as high as N2,300 in some states, now sells for around N1,400 per kilogramme in Lagos, Enugu and several other parts of the country, representing a drop of about 39% in two months.

Depot dealers told the newspaper that stronger LPG supply during July lowered loading prices, allowing retailers to reduce pump prices by more than 30%.

BusinessDay also reported that Lagos resident Juliet Onyinyechi budgeted N14,000 to refill her 6kg cylinder but paid N8,400 after her retailer charged N1,400 per kilogramme instead of the N2,300 she paid a month earlier.

The newspaper further reported that retail prices in Enugu have fallen to about N1,400 per kilogramme from around N1,900 in June. Obiora Ani, a gas dealer in Uwani, Enugu, attributed the decline to improved nationwide supply.