Business
Good News as Cooking Gas Prices Crash, NLNG Suspends Exports Amid New Policy
Nigerians could see further relief in cooking gas costs after the Nigeria LNG Limited (NLNG) announced that it has dedicated 100 per cent of its liquefied petroleum gas (LPG), popularly known as cooking gas, to the domestic market, ending exports in a major push to improve access to cleaner and more affordable energy.
The announcement comes as cooking gas prices continue to decline across the country, offering much-needed respite to households battling the rising cost of living.
Speaking during his maiden media briefing, tagged Presentation of NLNG Facts and Figures 2026, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, said the company supplied a record 500,000 metric tonnes of LPG to the Nigerian market in 2025, the highest annual volume since local distribution began in 2005.
The announcement coincides with a sustained decline in cooking gas prices across Nigeria. Recent market data show that depot prices have fallen sharply following a surge in LPG imports and declining international crude oil prices, factors that have reduced the cost of petroleum products nationwide.
Cooking gas, which sold for around N2,500 per kilogram in May, is now available in many locations for nearly N1,075 per kilogram, representing a significant drop in prices. Data from PetroleumPriceNG indicate that the average depot price has fallen to about N1,050 per kilogram.
Among depots offering some of the lowest prices are Rainoil Lagos at N1,035 per kilogram, PPMC at about N1,050, Matrix Warri at N1,065, while 11Plc also recorded one of the country’s most competitive LPG prices.
With NLNG committing its entire LPG production to the domestic market and supply improving steadily, industry observers believe Nigerians could continue to benefit from lower cooking gas prices in the months ahead, provided global energy prices remain stable and distribution challenges are effectively managed.
FG removes import taxes on cooking gas
Legit earlier reported that Nigeria’s push towards cleaner and cheaper energy has received a major boost after the Federal Government removed import duty and Value Added Tax (VAT) on cooking gas, compressed natural gas (CNG) and electric vehicles, a move that is already reflecting in lower LPG prices announced by dealers.
The Nigeria Customs Service (NCS) unveiled the tax incentives on Thursday, July 30, 2026, under the Presidential Gas for Growth Initiative, describing the policy as part of efforts to reduce transport and energy costs while accelerating the country’s transition away from petrol.
The removal of import duty and VAT is expected to reduce the cost of bringing cooking gas and related equipment into Nigeria, easing pressure on prices for households and businesses.
Residents of the Federal Capital Territory (FCT) have praised Dangote Petroleum Refinery’s decision to cut its ex-depot price for Premium Motor Spirit (PMS), though many say the reduction has yet to ease the cost of transportation, food, and other daily essentials.
The refinery lowered its ex-depot petrol price from N1,330 per litre to between N1,265 and N1,300 per litre, reversing gains recorded over the previous two weeks when global crude oil prices were volatile.
The adjustment followed an earlier announcement by the refinery of plans to distribute petrol free of charge in Lagos, Ogun, Rivers, Kaduna, Delta, and the FCT to improve product availability.
Price Changes at Abuja Filling Stations
Checks across Abuja on Monday confirmed the price movement was already filtering through to retail outlets. MRS cut its pump price by N40 per litre, while independent marketers including AA Rano reduced their retail price by N30 per litre, bringing petrol to N1,300 per litre.
At the depot level, Emedab, NIPCO, and Sigmund were selling petrol at between N1,217 and N1,222 per litre. NAN reports that Civil servant Bare Oguntade described the cut as a welcome development but urged the federal government to ensure that transport operators and traders pass the savings along to ordinary consumers.
Business owner Anthony Okere echoed the sentiment, noting that many small businesses still depend heavily on petrol due to unreliable electricity supply, and that only a small number of transport operators have benefited from the government’s Compressed Natural Gas (CNG) programme.
Calls for Regulation and Monitoring
Public affairs analyst Jide Ojo said sufficient time had passed for the benefits of lower fuel supply costs to reach Nigerians at the grassroots level. He called on the federal government to engage petroleum marketers directly so that future price reductions are reflected quickly at filling stations and in transport fares.
Development expert Aliyu Ilias added that stronger regulatory oversight, combined with greater consumer participation, would push filling stations to comply with prevailing prices and encourage fair competition across the sector.
Meanwhile, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the brief suspension of fuel loading after the price review was a routine reconciliation process that takes place whenever depot prices change.
Dollar to Naira Exchange rate
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 3rd August, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1425 and buy at ₦1410 on Monday 3rd August, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Exchange Rate Today
Selling Rate ₦1425
Buying Rate ₦1410
Dollar to Naira CBN Rate Today
Highest Rate ₦1372
Lowest Rate ₦1360
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?
You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1480 and sell at N1494 on Monday, 19th January 2026 according to sources at Bureau De Change (BDC).
Black Market Exchange Rate Today 3rd August, 2026
US Dollar Rates
Buying Rate N1,410
Selling Rate N1,420
CBN (Official): ₦1,368.20
US Dollar Rates
Buying Rate N1,020
Selling Rate N1,080
The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.
This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
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