Weekly LPG Mont Belvieu And Nigerian LPG Price Review March 20th 2026

By Ehi Okoduwa ــ Last Update 22 March 2026

Weekly Mont Belvieu Propane–Butane Market Update – March 20th, 2026

Weekly Average LPG Prices:

16/03/2026: Propane $376.9 | Butane $489.5

17/03/2026: Propane $383.1 | Butane $487.3

18/03/2026: Propane $391.9 | Butane $508.2

19/03/2026: Propane $401.8 | Butane $519.3

20/03/2026: Propane $423.0 | Butane $539.1

LPG Prices – Bullish Momentum Sustained

LPG prices extended their bullish run, although still well below the extreme highs of March 2022, when prices surged to nearly $900/MT amid the Russia–Ukraine crisis.

On a weekly average basis, Propane posted a gain of 5.0%, while Butane recorded a stronger increase of 5.9% compared to the previous week.

Propane: averaged $395.3/MT, up from $376.6/MT

Butane: averaged $508.7/MT, up from $480.1/MT

Early signs of demand pressure are emerging globally. India, which relies heavily on Middle East imports (serving roughly 60% of its LPG demand), is already experiencing supply strain, with reports of rationing and extended queues across a market serving over 300 million households.

Looking ahead, supply risks have intensified following attacks on key gas infrastructure. Notably, the strike on Qatar’s Ras Laffan gas-to-liquids complex has reportedly taken out about 17% of capacity, with recovery timelines potentially stretching up to five years. With force majeure declared on key export contracts and the Strait of Hormuz remaining largely inactive, further upside pressure on LPG prices cannot be ruled out in the near term.

Crude Oil – Geopolitical Escalation Drives Prices Higher

Crude oil prices for the second week rose to 120 USD per barrel regions, after the strikes and counterstrikes on oil and gas facilities by Israel and Iran, respectively. Israel hit Iran's largest Natural Gas field - South Pars on Wednesday; the South Pars forms a portion of the world's largest natural gas field, the other part owned by Qatar. The attack by Israel prompted a retaliatory attack on Qatar's LNG complex and Saudi refinery. The attack on Ras Laffan , where the LNG complex sits, wiped out 17% of its LNG export capacity while forcing a shutdown. According to Qatar Energy, it would take 5 years for a complete return to normal operational levels.

However, attempts to reduce the strain on supply sources led to the temporary removal of the ban on Iranian and Russian oil available offshore. The release of oil reserves by the G7 hasn't done much to keep prices down. Other measures to calm the already tense situation include the mobilisation of support from countries to secure the Strait of Hormuz, in order to ensure a return to the free flow of oil and gas vessels. According to reports, natural gas jumped 25-32% in Europe, and petrol rose sharply in places like the US, Australia, and Africa.

In Africa, Angola, Nigeria and Brazil are some of the countries considered as alternative supply sources, as East African countries face shortages. 65% of the imported fuel to East Africa is from the Middle East. According to S & P West Africa, Zambia is looking to seal supply deals to ease the impact of the Middle East crisis.

Weekly Close:

WTI: $96.82 (up from $95.07)

Brent: $109.93 (up from $100.26)

Outlook:

Oil prices are expected to remain elevated in the medium term, particularly given the scale of disruption at Ras Laffan, a critical global LNG hub. Even post-conflict, supply recovery may take time, suggesting a likely trading range of around $90/bbl over the next year.

Nigeria LPG Market – Depot prices jump nationwide

Depot prices across regions jumped, with Dangote refinery making an 8% price increase on the Offtaker price. Apapa sold at circa 20 million naira per 20mt; mainly at NIPCO and Ardova depots, while Stockgap Port Harcourt recorded 24 million naira per 20mt, after the selling price was adjusted by NNPC Limited ; adjusting for the increase in international prices. Offtakers at Dangote refinery sold at circa 17 Million per 20MT.

Retail Cooking Gas prices hold steady

Cooking gas prices remained the same for the range: 1,100 to 1400 per kg , nationwide.

Please feel free to reach out if you require further clarification or a deeper analysis of these market developments. Our team remains committed to providing timely insights to support effective decision-making in this dynamic market.