The ongoing conflict involving the United States, Israel, and Iran is now having a direct impact on everyday costs in Nigeria, with the retail price of liquefied petroleum gas (LPG), commonly called cooking gas, rising sharply.
Depot operators across the country have increased LPG prices by around N100 per kilogram, with major distributors adjusting rates significantly.
For instance, Nipco Plc is selling at about N950 per kilogram, Navgas Limited at N900, and Techno Oil at N885 up from a previous average of roughly N800 per kilogramme.
Industry operators attribute the increase to spiking global crude oil prices, which have been driven higher by the geopolitical tensions stemming from the US–Israel strikes on Iran and subsequent disruptions to crude oil flows from the Persian Gulf.
Nigeria’s benchmark crude, Bonny Light, climbed to about $80 per barrel from $70, while other global benchmarks such as Brent and Murban have also recorded notable gains.
Because Nigeria relies heavily on imports for its refined petroleum products, domestic LPG costs remain tied to international pricing.
When crude oil becomes more expensive on global markets, the higher replacement costs for imported products quickly filter through to local prices, affecting both energy and household budgets.
Retailers say the price adjustments are unavoidable as they reflect the increased cost of securing imported LPG stock amid heightened market volatility.
Many Nigerians, especially low and middle-income households that depend on LPG as primary cooking fuel, are likely to feel the squeeze as the conflict persists and international energy costs remain elevated.