The escalating crisis in the Middle East has triggered a significant spike in global energy markets, directly impacting Nigerian households as the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has risen sharply.
According to industry sources and market checks, the ex-depot price of LPG has climbed by 13% week-on-week to ₦18 million per 20 metric tonnes (MT), up from ₦15.95 million the previous week. This equates to approximately ₦1,400 per kilogram, marking a 40% increase from around ₦1,000 per kg recorded just last week.
The surge stems from disruptions in oil production and international supply chains caused by the ongoing regional conflicts, which have affected petroleum product prices worldwide. Nigeria, which relies heavily on imports for a portion of its LPG needs, is particularly vulnerable to these global fluctuations.
Visits to various gas stations in Lagos confirm retail prices now reaching up to ₦1,400 per kg in many areas, placing additional pressure on families already grappling with rising living costs.
Stakeholders, including depot operators, have noted that some facilities are quoting even higher rates—up to ₦19 million per 20 MT though a few outlets have been observed at slightly lower levels around ₦17.5 million.
This development follows broader energy market reactions to the Middle East situation, including recent increases in crude oil benchmarks that have rippled through to refined products like LPG.
As the crisis continues, experts warn that sustained high global prices could prolong these elevated costs for Nigerian consumers, potentially exacerbating inflation and energy access challenges in households reliant on cooking gas for daily needs.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com