Gas price in Nigeria today is on the high side when compared with the price in February 2024. The National Bureau of Statistics said the price of 12.5kg of LPG increased by 46.88% this year.
Everybody wants a soft life, including you. That is why almost every household in Nigeria now makes use of Liquefied Petroleum Gas popularly known as cooking gas.
According to statistics, gasoline prices in Nigeria increased to 0.39 USD/Liter in August from 0.38 USD/Liter in July of 2024. Gasoline Prices in Nigeria averaged 0.46 USD/Liter from 1991 until 2024. However, it reached an all-time high of 0.81 USD/Liter in July of 2023 and a record low of 0.02 USD/Liter in December of 1992
In Nigeria today, the average price of gas per kg is ₦1300. However, the price of gas depends on your location in Nigeria and the volume of the gas cylinder you want to refill. However, the gas price at depot price is being regulated by the relevant government agency. Nevertheless, the wholesale price is always lower than the retail price. So if you want to buy at the wholesale price can purchase from NIPCO or LPG
Gas Price in Nigeria Today per Kg
The price of gas in Nigeria per kg has not been stable for some time now. However, as of the time of this writing, this article the average price of gas per kg in Nigeria is ₦1,300
| Gas Cylinder Size | Price |
| 1kg Cooking gas | ₦1,300 |
| 3kg Cooking gas | ₦3,900 |
| 5kg Cooking gas | ₦6,500 |
| 6kg Cooking gas | ₦7,800 |
| 10kg Cooking gas | ₦13,000 |
| 12kg Cooking gas | ₦15,600 |
| 12.5kg Cooking gas | ₦16,350 |
| 20kg Cooking gas | ₦26,000 |
| 25kg Cooking gas | ₦32,500 |
| 50kg Cooking gas | ₦65,000 |
| 100kg Cooking gas | ₦130,000 |
Factors that Affect Gas Prices in Nigeria
Several factors affect gas prices in Nigeria. Some of these are;
Global Oil Prices
The global oil price affects the price of gas. Prices are impacted by geopolitics, and global market fundamentals, including supply and demand, inventories, seasonality, financial markets, and other factors.
Cost of Crude Oil
The price of crude oil is the largest determinant of gasoline prices. When the cost of crude oil is high, the cost of gas will also be high, and vice versa.
Government Taxes
Federal, state, and local government taxes significantly contribute to the retail price of gasoline. Price variations across different states can be attributed to differing taxes levied by state and local governments.
Refining Costs and Profits
In addition to purchasing crude oil, refineries incur costs for processing the oil. Refining costs and profits are factored into the price of gas.
Distribution and Marketing
Distribution, marketing, and retail dealer costs and profits also contribute to the gas price in Nigeria.
OPEC
Members of the Organization of Petroleum Exporting Countries (OPEC) account for about 49% of global crude exports and hold around 80% of the world’s proven oil reserves. As a result, OPEC’s decisions can significantly affect global oil (and gas) prices due to its large market share.
Exchange Rate
Nigeria’s economy and gas prices are tied to the US dollar. Gas transactions are conducted in dollars, so a higher dollar-to-naira exchange rate will result in higher gas prices in Nigeria.
Location
Your location plays a role in determining the price of gas.
Size of Gas Cylinder to Refill
The size of the gas cylinder also affects the total cost when refilling.
Wholesale Price of Cooking Gas in Nigeria
The wholesale price of gas in Nigeria, also known as Liquefied Petroleum Gas (LPG), fluctuates due to various reasons. But, the price of gas wholesale as of the time of this post is between ₦700 to ₦800.
Wrapping Up
Knowing the gas price in Nigeria will help you manage your expenses and also aid in planning for future financial decisions. Ultimately, if you plan you can reduce the adverse effects of gas price fluctuations in your daily life and business activities.
