- Navgas recorded the largest increase, raising its LPG price by N75 to N1,250 per kilogram between October 20 and October 22
- 11Plc and Nipco increased their prices by N45 per kilogram, while Techno Oil and Rainoil raised theirs by N30
- Brent crude rose 2.78% to $111.90 per barrel, while US West Texas Intermediate climbed 2.10% to $99.19
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Liquefied petroleum gas (LPG) prices have increased by as much as N75 per kilogram across five suppliers in two days, as international crude oil prices climbed amid renewed concerns over global energy supply disruptions.
Price data reviewed showed that Navgas recorded the largest increase, raising its LPG price from N1,175 per kilogram on October 20 to N1,250 on October 22.
Source: UGC
The adjustment represents an increase of N75, or 6.38%.
11Plc and Nipco also raised their prices, moving from N1,180 to N1,225 per kilogram. Each supplier recorded an increase of N45, equivalent to 3.81%.
Data from Petroluemprice.ng reports that Techno Oil and Rainoil increased their prices from N1,170 to N1,200 per kilogram, representing a rise of N30, or 2.56%.
The adjustments pushed LPG prices across the five suppliers to between N1,200 and N1,250 per kilogram on Thursday, October 22, compared with a range of N1,170 to N1,180 two days earlier.
The LPG price increases coincided with a rise in international crude oil benchmarks, with both Brent crude and West Texas Intermediate (WTI) recording gains.
At 12:55 p.m. West Africa Time on October 22, Brent crude was trading at $111.90 per barrel, up $3.03, or 2.78%.
WTI, the US crude benchmark, rose by $2.04, or 2.10%, to $99.19 per barrel.
The gains came amid renewed concerns about global energy supplies, geopolitical tensions and the movement of oil shipments, particularly in the Middle East.
Disruptions to energy supplies can influence global oil and gas markets, although the relationship between crude oil movements and domestic LPG prices is not direct. LPG prices can also be affected by supply costs, shipping, exchange rates and local market conditions.
Source: Getty Images
What the latest figures show
Navgas recorded the steepest increase among the five suppliers reviewed, while Techno Oil and Rainoil posted the smallest adjustments.
The figures indicate that LPG prices rose across all five suppliers between October 20 and October 22, even as international crude benchmarks recorded gains.
FG begins free cooking gas cylinder, refill distribution
Earlier, Legit.ng reported that the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has urged the Federal Government to involve its members in the distribution of free cooking gas cylinders and refill initiatives aimed at expanding access to cleaner household energy across Nigeria.
The association said its extensive distribution network could help the government reach more households, improve cylinder safety and accelerate the adoption of liquefied petroleum gas (LPG), commonly known as cooking gas.
Source: Legit.ng