<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2015-07-17</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001596993</issuerCik>
        <issuerName>DORIAN LPG LTD.</issuerName>
        <issuerTradingSymbol>LPG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001649312</rptOwnerCik>
            <rptOwnerName>BW Group Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MAPLETREE BUSINESS CITY, #18-01;</rptOwnerStreet1>
            <rptOwnerStreet2>10 PASIR PANJANG ROAD</rptOwnerStreet2>
            <rptOwnerCity>SINGAPORE</rptOwnerCity>
            <rptOwnerState>U0</rptOwnerState>
            <rptOwnerZipCode>117438</rptOwnerZipCode>
            <rptOwnerStateDescription>SINGAPORE</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001649311</rptOwnerCik>
            <rptOwnerName>BW Euroholdings Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MAPLETREE BUSINESS CITY, #18-01;</rptOwnerStreet1>
            <rptOwnerStreet2>10 PASIR PANJANG ROAD</rptOwnerStreet2>
            <rptOwnerCity>SINGAPORE</rptOwnerCity>
            <rptOwnerState>U0</rptOwnerState>
            <rptOwnerZipCode>117438</rptOwnerZipCode>
            <rptOwnerStateDescription>SINGAPORE</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001649313</rptOwnerCik>
            <rptOwnerName>BW LPG Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MAPLETREE BUSINESS CITY, #17-02:</rptOwnerStreet1>
            <rptOwnerStreet2>10 PASIR PANJANG ROAD</rptOwnerStreet2>
            <rptOwnerCity>SINGAPORE</rptOwnerCity>
            <rptOwnerState>U0</rptOwnerState>
            <rptOwnerZipCode>117438</rptOwnerZipCode>
            <rptOwnerStateDescription>SINGAPORE</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001373176</rptOwnerCik>
            <rptOwnerName>Sohmen Family Foundation</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>HEILIGKREUZ 6, P O BOX 484</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>VADUZ</rptOwnerCity>
            <rptOwnerState>N2</rptOwnerState>
            <rptOwnerZipCode>FL-9490</rptOwnerZipCode>
            <rptOwnerStateDescription>LIECHTENSTEIN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6000000</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Corporation</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Obligation to sell</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.34</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2015-07-22</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-08-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Corporation</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Right to buy</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.34</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2015-07-22</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-08-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Corporation</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">BW Euroholdings Limited (&quot;Euroholdings&quot;), a wholly-owned subsidiary of BW Group (&quot;BWG&quot;), entered into a Stock Purchase Agreement, dated as of July 17, 2015, with Scorpio Tankers Inc. (&quot;Scorpio&quot;), pursuant to which Scorpio sold to Euroholdings an aggregate of 6,000,000 common shares of Dorian LPG Ltd. (&quot;Dorian&quot;). The Sohmen Family Foundation holds 93.25% of BWG.</footnote>
        <footnote id="F2">On July 2, 2015, Euroholdings granted an option to BW LPG Limited (&quot;LPG&quot;) to purchase from Euroholdings all of the common shares of Dorian that may be purchased by Euroholdings from Scorpio. BWG holds 45.53% of LPG.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Billy Chiu, Authorized Signatory</signatureName>
        <signatureDate>2015-07-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
