Business
Nigeria LPG Supply Falls Amid Rising Prices and Middle East Crisis
Nigeria’s LPG supply and consumption decline in February 2026 amid rising global oil prices, pushing cooking gas prices higher nationwide
The supply of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, fell by 8.5 per cent month-on-month to 4.7 metric tonnes per day in February 2026 from 5.1 metric tonnes per day in December 2025, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (Nigerian Midstream and Downstream Petroleum Regulatory Authority) February 2026 Factsheet.
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The report also showed that domestic LPG consumption decreased by 20 per cent to 4,194 metric tonnes per day in February from 5,050 metric tonnes per day in January.
Analysts attributed the decline to the recent Middle East crisis, which drove crude oil prices to approximately $84 per barrel, affecting petroleum product prices across the country.
A survey of gas stations in Lagos indicated that retail prices for a kilogram of LPG now range between N1,050 and N1,300, with some stations charging up to N1,500 per kg.
The NMDPRA report noted that February retail prices per kg ranged from N980 to N1,500, compared with N950 to N1,550 in January.
Wholesale supply also declined slightly, with total LPG supplied standing at 4.771 BSCF per day in February 2026, down from 4.837 BSCF per day in January.
Average daily gas supplied to the domestic market decreased to 1.763 BSCF per day from 1.906 BSCF per day during the same period.
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The agency warned that continued international market volatility could further affect domestic supply and pricing, with implications for households relying on LPG for cooking.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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