US, Israel, Iran war: Depot owners hike cooking gas price by N100/kg

By Udeme Akpan

Depot owners across Nigeria have increased the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, by an average of N100 per kilogram, following the latest spike in global crude oil prices triggered by the US–Israel strikes on Iran.

Checks by Vanguard showed fresh upward adjustments across major storage terminals in Lagos and other parts of the country.

Nipco Plc is now selling at N950 per kilogram, Navgas Limited at N900 per kilogram, while Techno Oil Limited is dispensing at N885 per kilogram, up from the previous market average of about N800 per kilogram before the latest adjustment.

The development followed a surge in Nigeria’s Bonny Light crude to $80 per barrel, from $70 per barrel, its highest level since July 2025, after coordinated strikes on Iran by the United States and Israel disrupted crude oil flows from the Middle East to the global market.

Other global benchmarks also posted strong gains. Brent crude rose to $79.08 per barrel from $72.87 per barrel, Murban crude climbed to $81.05 per barrel from $74.24 per barrel, while West Texas Intermediate increased to $72.24 per barrel from $62 per barrel recorded previously.

Oil prices began climbing on Sunday amid reports that Iranian crude production — estimated at about 3 million barrels per day and largely exported to China and other countries — had been disrupted.

Prices continued to rise as the conflict intensified, heightening fears of a broader global supply shock.

According to the Organization of the Petroleum Exporting Countries (OPEC), Iran holds vast hydrocarbon and mineral resources, making any disruption to its output significant for global supply dynamics.

The surge in international benchmarks has immediately filtered into Nigeria’s downstream sector, where import-dependent products such as LPG are highly sensitive to global pricing trends and foreign exchange fluctuations.

Depot operators attributed the hike to rising replacement costs. With crude benchmarks hovering around the $80 per barrel mark, marketers are adjusting ex-depot prices to reflect anticipated higher landing costs for incoming cargoes.

Traders also cited heightened volatility in the global oil market, prompting suppliers to recalibrate prices quickly to avoid inventory losses.

The latest increase adds further strain on households and small businesses that depend heavily on LPG for domestic and commercial energy needs, as Nigeria’s downstream market reacts to unfolding developments in the international oil landscape.

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