I would treat it, essentially, as a non-magical fireball. So, something like:
Dust Explosion Trap: CR 3; mechanical; location trigger; manual reset; spell effect (fireball, 5th-level wizard, 5d6 dire, DC 14 Reflex save half damage, cannot be dispelled); Search DC 26, Disable Device DC 26. Cost: 2,500gp, 200XP.
This sounds about what I was looking for, but I have to ask why the cost? I assume its just set by the trap rules. I would have to lower that if possible, and I may consider lowering the dmg but adding a secondary bull rush for the concussive force (since
fireball is clearly stated as not having a shockwave)
There are a lot of RL situations that don't come up in game worlds.
When was the last time your dungeon-delving team of adventurers had to deal with the consistently chill temperatures under ground? 50-60 degrees farenheit are almost universal when you get more than 10 feet deep.
When was the last time they worried about their air supply in a cave?
When was the last time the discovered that a Fireball spell consumes all the oxygen in the blast area?
If you're like most games, the answer to those and other exiting questions is "never".
And there's a good reason not to include dust explosions in the game: There will always be some enterprising would-be Alchemist who will try to engineer and argue for yet another way to make explosions, without having to expend spells.
I've mentioned before that I don't allow gunpowder or firearms in my game worlds. I've had players try to argue that their PC "researched" gunpowder, storage batteries, and/or various advanced weapons. Others have claimed to have "traveled to the future" to explain the Remington rifles, AK-47s and M-16s they want me to allow.
My answer is always the same: This isn't the real world, it's a parallel world with different laws of physics, a place where magic works but a lot of technology doesn't.
You want to mix charcoal, sulfur and bat droppings (a major source of nitrate)? Cool. When you light it it will smoulder and smoke, smelling like burning sulfur and bat droppings. It won't explode. You want it to explode? Add magic. (Sulfur and bat guano are the material components for Fireball ).
Want to run a telegraph system powered by lead/acid batteries, the way much of the network was in the American old west? Dipping lead and copper plates into acit is a great way to etch and slowly destroy lead and copper plates. No usable electricity will result.
I'd make the same ruling for methane and dust explosions.
If someone wants to know just how physics have changed, say that the near-instantaneous thermal exchange needed for an explosion can't happen without magic.
Think of every way you could abuse the rules if you include such things as gas and dust explosions. Now presume that your players are as evilly creative as you are.
Rule accordingly.
A couple points I'd like to respond to here. First off, gas explosion is canon in at least the Forgotten Realms universe, it was used to blast apart a whole mountain top in one of the novels. That being said, the gas would be assumed to be far too rare to replicate that more than once in an age as the circumstances for it were unique, and the mind behind it was also an accomplished alchemist and had a whole clan of dwarven craftsmen as well as one special dwarven doodad

to actually make it happen safely.
As for the whole 'you can't do anything without magic' thing, that seems a specious argument meant to avoid the issue to me. I understand and accept some difference in world physics but just saying 'magic only' grants all of the tinkerers and craftsmen a useless vocation. Some things maybe, and I would agree that this would be a case of 'lesser result than magic' perhaps. Also there is a distinct difference between magical and non-magical fires, with magical ones generally being much stronger than an equivalent non-magical one.
I wasn't suggesting anything like making gunpowder though. In fact, that exists in many realms already in the form of smoke powder. And I would never do something like trying to bring modern guns into a fantasy setting since that contravenes the spirit of the setting choice in the first place. (Though any gun can be insanely easily defeated by a simple heat metal spell, and likely causing explosive damage to the wielder in the process.) Beyond that, if the players want to use guns, why not just play in a modern setting?
Also things like liquid flammables exist and are utilized by the rules in a mirror of real world physics (making a vial of lamp oil into a Molotov, for example).
I also want to say that I as a player would never rely on this one trick to get out of everything. Sure it might work once, maybe even twice, but there are a lot of creatures that, even if they aren't immune to magical fires, are immune to non-magical ones and as a player, if I abused a single trick too often, or even after the first try, I would expect the DM to bring in such creatures to counter it or even use it against me as well. As a DM, that is exactly what I would do, though I might wait to see if it was a 'one off' brilliant tactical move, or if the players were becoming dependent on this 'non-magical
fireball'. I would also point out that, at its basest, cheapest cost this trap would never match a wizard's
fireball in efficacy because of the severe restrictions on location one would need to get a good blast and the fact that, as the components are listed without GP cost, the spell itself is essentially free as well and so insanely more cost effective than the non-magical equivalent and further upgrade-able for no additional GP cost via metamagic feats.
Also, as far as air supply in caves... Why else would they have made rules regarding suffocation?
As for
fireball using up all the oxygen... It depends on the DM really, in the one example from our group in which this could have been an issue, the point was moot as the
fireball killed almost all of the party when cast. (That will tend to happen when it is cast by a wizard from the back of the party in a 5x5 room/hallway.) If there had been a side effect such as a cave in just prior to the casting, then this it would have been a logical question to ask as it would have been a serious concern.