Business
BREAKING: Cooking Gas Price Crashes; New Rates Emerge
Many residents of the Federal Capital Territory (FCT), Lagos and other cities have expressed relief over the drop in price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas.
Findings by Legit.ng show that prices have eased in Lagos, Abuja, and other urban centres, with dealers attributing the decline to improved product availability and relative stability in the foreign exchange market.
In Lagos, residents report that refilling cylinders now costs less than it did just weeks ago, a development many describe as a rare win in Nigeria’s inflation-ridden economy.
The residents, who spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja, urged the Federal Government to sustain the price reduction, saying it would ease the financial burden on households.
NAN reports that one kilogramme (kg) of cooking gas now sells for between N1,080 and N1,400 across various outlets in the FCT, with NIPCO selling at the lowest price of N1,080 per kg.
Mrs Victoria Ahaneku, a civil servant, described the reduction as a positive development, saying it could have far-reaching benefits for consumers and the economy.
“ The reduction in the price of cooking gas will increase consumer spending power because they have more disposable income to spend on other goods and services.”
Ahaneku called for further reduction, noting that many Nigerians still found cooking gas unaffordable and had resorted to charcoal, which was also costly.
Similarly, Mrs Mary Olobeyo, a businesswoman, said the price drop was a relief but stressed the need for sustainability and further reductions to make the product affordable.
Olobeyo said transportation, storage, and retail costs also contributed to the price of cooking gas.
“The government at all levels should adopt a combination of infrastructural, regulatory, and diversification strategies.
“This can be achieved by investing in alternative transportation and distribution methods, such as pipelines and rail, to reduce dependence on expensive road tanker trucks, ” she said.
Aisha Abubukar, a Teacher, also welcomed the reduction but expressed concern over frequent price fluctuations.
According to her, the price of cooking gas is always unstable. What Nigerians want is a sustained reduction.
“ A further drop in cooking gas prices will encourage domestic usage and increase penetration across the country, she said.
Mr Adebayo Olurunfemi, a businessman, said that although the price reduction was commendable, it was not significant enough considering the prevailing cost of living in the country.
“ I commend the government for intervening and ensuring the issues at the Dangote Refinery and other depots were resolved, but more still needs to be done.
“The cost of living remains high in Nigeria with all sorts of taxes now, coupled with high rent, school fees, petrol prices, and bank charges, among others.
“Nigerians are still struggling daily. So the government still has a lot to do to make life easy for the people,” he said.
Charity Samuel, a public servant, also expressed satisfaction with the price reduction, urging the government to ensure further reduction to improve affordability.
“Nigerians are experiencing low purchasing power, so cheaper essential items like cooking gas will greatly help us.
“Many families rely on cooking gas because it is the cleanest cooking option. The government should ensure it is readily available and affordable to encourage wider usage,” she said.
NAN recalls that the Federal Government had assured Nigerians that cooking gas prices would normalise after rising to as high as N1,800 per kg in September 2025, following the strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, had attributed the price surge to the industrial action at the Dangote Refinery and maintenance activities at the Nigeria LNG Train Four facility.
Ekpo said the Federal Government had directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to intensify monitoring of LPG depots nationwide to prevent hoarding.
Petrol and cooking gas prices declined year-on-year in December 2025, signalling a gradual easing of household energy costs, according to separate reports released by the National Bureau of Statistics (NBS).
Naija News reports that data from the bureau showed that both Liquefied Petroleum Gas (LPG), commonly used for cooking, and Premium Motor Spirit (PMS), also known as petrol, recorded notable price reductions compared with December 2024, alongside modest month-on-month declines.
The NBS noted that while the downward trend was observed across most states and geopolitical zones, prices continued to vary widely depending on location.
5kg Of Cooking Gas Price Drops By 25%
According to the report, the average price for refilling a 5kg cylinder of LPG declined by 1.20 per cent month-on-month, falling from ₦5,425.78 in November 2025 to ₦5,360.43 in December 2025.
On a year-on-year basis, the price fell sharply by 25.31 per cent, down from ₦7,177.27 recorded in December 2024.
Confirming the trend, the NBS stated, “The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 1.20 per cent on a month-on-month basis,” adding that the year-on-year decline stood at 25.31 per cent.”
A state-level analysis showed that Kaduna recorded the highest average price for refilling a 5kg cylinder at ₦5,838.66, followed by Jigawa at ₦5,825.09 and Osun at ₦5,777.80.
On the lower end, Katsina recorded the cheapest average price at ₦4,855.80.
Similarly, the average retail price for refilling a 12.5kg cylinder of LPG fell by 0.74 per cent month-on-month, declining from ₦13,538.79 in November 2025 to ₦13,438.90 in December 2025.
Year-on-year, the price dropped by 22.20 per cent from ₦17,274.16 recorded in December 2024.
On a state-by-state basis, Abia recorded the highest average price for refilling a 12.5kg cylinder at ₦14,489.96, followed by Osun at ₦14,444.50 and Delta at ₦14,393.17, the bureau said.
Petrol Price Dips To ₦1,048
The NBS also reported a decline in the average retail price of petrol.
According to the report, the average price of Premium Motor Spirit stood at ₦1,048.63 in December 2025, representing an 11.81 per cent decrease compared with ₦1,189.12 recorded in December 2024.
The bureau stated, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2025 was ₦1,048.63.”
On a month-on-month basis, petrol prices declined by 1.20 per cent, down from ₦1,061.35 recorded in November 2025.
Further analysis showed that Kogi State recorded the highest average petrol price at ₦1,104.45, while Oyo State had the lowest at ₦996.55.
Regionally, the North East emerged as the most expensive zone for petrol, while the South West recorded the lowest average prices.
Nigeria’s naira recorded one of its strongest performances in months on Tuesday, January 27, 2026, appreciating sharply against the US dollar at the official foreign exchange window amid improving liquidity and rising confidence in the country’s FX reforms.
The local currency strengthened to around ₦1,400 per dollar at the official market, marking its firmest level since the Central Bank of Nigeria (CBN implemented sweeping FX reforms.
The move signals easing pressure on the naira and renewed optimism among investors and market participants.
According to the CBN’s daily foreign exchange report, the naira closed at ₦1,401.22 per dollar, representing a 1.27 percent appreciation on the day.
Market operators described the move as a reflection of improved dollar supply and stronger participation by banks and other authorised dealers.
Traders said the official window saw increased volumes, with the improved liquidity helping to narrow volatility and reduce speculative demand.
The latest performance reinforces the view that the reforms aimed at unifying exchange rates and improving price discovery are beginning to yield results.
The positive momentum extended to the parallel market, where the naira also posted modest gains.
Channel checks showed the local currency appreciating by about 0.33 per cent to trade around ₦1,476 per dollar. While the gap between the official and parallel rates remains, analysts say the narrowing spread reflects improving confidence across both the regulated and informal segments of the FX market.
According to a report by MarketForces Africa, reduced arbitrage opportunities and stronger supply conditions are helping to stabilise pricing.
The naira’s rally comes against the backdrop of rising external reserves, which have strengthened the CBN’s ability to intervene when necessary and support market liquidity.
Higher reserves are widely viewed as a key confidence signal for foreign investors, particularly portfolio investors who remain sensitive to currency risk.
Market watchers say consistent inflows from export earnings, improved remittance flows, and cautious monetary management have all contributed to the improved outlook for the naira in recent weeks.
Clarivo Oil and Gas, led by Chief Obidike Chukwuebuka, has announced plans to build a world-class oil refinery in Calabar, Cross River State, aimed at boosting Nigeria’s downstream oil and gas sector.
Speaking to journalists, Chief Obidike said the project will be implemented in phases, in collaboration with foreign partners to bring advanced technical expertise and international industry standards.
The planned refinery will feature state-of-the-art technologies, including crude distillation, catalytic cracking, and hydrotreating units, enabling the production of high-quality petroleum products such as petrol, diesel, and aviation fuel.
The phased approach will begin with feasibility studies and front-end engineering design, followed by construction of core processing units, and conclude with installation of secondary units and commissioning.
Chief Obidike noted that the refinery aims to increase domestic refining capacity, reduce dependence on imported petroleum products, and enhance Nigeria’s energy security. He added that the project is expected to create significant employment across engineering, construction, operations, and logistics, while facilitating technology transfer through partnerships with international EPC contractors and investors.
On funding, he revealed that agreements with foreign stakeholders are being finalized to provide both technical and financial support. The refinery is projected to come online within five years, following the completion of all project phases and regulatory approvals.
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