Nigeria’s Bonny Light crude rose to $126.32 per barrel on 15 September, according to Central Bank of Nigeria data reported by The PUNCH, adding to concerns that already high petrol prices could face further pressure.
The Nigerian crude grade was reported at $123.28 a barrel a day earlier, meaning the latest figure represents an increase of just over $3 in one day. Bonny Light was also trading well above the international Brent benchmark.
The rise comes during renewed disruption in global oil markets. Reuters reported on 15 September that Brent settled at $108.75 a barrel, after supply concerns pushed international prices higher.
For Nigeria, higher crude prices can increase export earnings, but they also have another consequence: the cost of producing and supplying refined petroleum products can rise.
That matters particularly now because Nigerian motorists are already dealing with significantly higher petrol prices. Dangote Petroleum Refinery increased its gantry price from ₦1,265 to ₦1,350 per litre, effective 12 September. Retail prices subsequently moved higher at a number of filling stations.
The latest Bonny Light price does not automatically mean another petrol increase will happen. Retail prices depend on several factors, including crude costs, exchange rates, refinery pricing, distribution expenses and competition among suppliers.
But sustained high international oil prices would increase the pressure on the downstream market.
Nigeria’s position is unusual because the country can benefit from higher prices for the crude oil it exports while households and businesses may simultaneously face higher costs for petrol and other petroleum products.
Reuters reported this week that the Dangote refinery has also become an increasingly important supplier to international markets as disruptions to Middle Eastern exports tighten fuel supplies. The refinery recorded a net profit of about $1.82 billion in the first half of 2026, according to Reuters, ahead of its planned stock-market listing.
Trivane View
Higher crude prices can bring Nigeria more export revenue, but that benefit will mean little to many households if it is accompanied by another rise in transport and energy costs. What happens to petrol prices next will depend on whether the global oil surge lasts and how quickly higher crude costs feed into Nigeria’s domestic fuel market.
