As of July 01, 2025, the price of one barrel of the Bonny Light crude oil in Nigeria reached **** U.S. dollars, which was a decrease of **** U.S dollars from the preceding month. Bonny Light crude oil is a high-grade crude oil produced in Nigeria that is known for its low sulfur content. A low sulfur content means low corrosive effects on the petroleum refinery infrastructure and a low environmental impact of the byproducts.

Crude Oil Price: Bonny Light: per Barrel data was reported at 64.830 USD/Barrel in 15 May 2025. This records a decrease from the previous number of 67.180 USD/Barrel for 14 May 2025. Crude Oil Price: Bonny Light: per Barrel data is updated daily, averaging 77.700 USD/Barrel from Oct 2009 (Median) to 15 May 2025, with 3619 observations. The data reached an all-time high of 139.410 USD/Barrel in 08 Mar 2022 and a record low of 7.150 USD/Barrel in 21 Apr 2020. Crude Oil Price: Bonny Light: per Barrel data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.P003: Crude Oil Price. [COVID-19-IMPACT]

Nigeria's economy was significantly impacted by the COVID-19 pandemic. Among others, oil prices experienced a sharp fall and the country lowered the daily crude oil production consistently. In January 2019, the price per barrel amounted to ** U.S. dollars per barrel, whereas in April 2020 the price dropped by ** dollars. Crude oil, petrol, and fuel represented Nigeria's main source of export value.

The Nigerien crude palm oil market expanded markedly to $1.5B in 2024, with an increase of 7% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2024: its value increased at an average annual rate of +4.2% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -9.2% against 2022 indices.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

After two years of decline, the Nigerien crude soybean oil market increased by 14% to $50M in 2024. In general, the total consumption indicated a measured expansion from 2012 to 2024: its value increased at an average annual rate of +4.0% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -17.4% against 2019 indices.

Nigeria Commodity Price: Palm Oil data was reported at 873.670 USD/Metric Ton in Jun 2024. This records an increase from the previous number of 859.150 USD/Metric Ton for May 2024. Nigeria Commodity Price: Palm Oil data is updated monthly, averaging 762.830 USD/Metric Ton from Jan 2009 (Median) to Jun 2024, with 186 observations. The data reached an all-time high of 1,776.960 USD/Metric Ton in Mar 2022 and a record low of 483.490 USD/Metric Ton in Sep 2015. Nigeria Commodity Price: Palm Oil data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.P001: Commodity Prices.

United States Crude Oil Price: EIA: FOB Cost of Imports: Nigeria data was reported at 58.580 USD/Barrel in Oct 2017. This records an increase from the previous number of 52.180 USD/Barrel for Aug 2017. United States Crude Oil Price: EIA: FOB Cost of Imports: Nigeria data is updated monthly, averaging 24.410 USD/Barrel from Oct 1973 (Median) to Oct 2017, with 468 observations. The data reached an all-time high of 140.010 USD/Barrel in Jun 2008 and a record low of 6.000 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: FOB Cost of Imports: Nigeria data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

China Import Price: Crude Oil: Africa: Nigeria data was reported at 721.220 USD/Ton in Feb 2025. This records an increase from the previous number of 672.266 USD/Ton for Jan 2025. China Import Price: Crude Oil: Africa: Nigeria data is updated monthly, averaging 623.766 USD/Ton from Mar 2008 (Median) to Feb 2025, with 130 observations. The data reached an all-time high of 79,000.000 USD/Ton in Dec 2017 and a record low of 197.676 USD/Ton in May 2020. China Import Price: Crude Oil: Africa: Nigeria data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.

This dataset contains information about Nigeria's petroleum products for 2010-2021. Data from National Bureau of Statistics, Nigeria.

In 2024, the Nigerien crude oil market decreased by -28.5% to $9.5B, falling for the second consecutive year after eleven years of growth. Over the period under review, consumption saw a strong expansion. Over the period under review, the market reached the maximum level at $20.5B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

As of February 2025, the average price of gasoline in Nigeria was around ***** Nigerian naira (NGN) per liter, around **** U.S. dollars. Compared to the previous month, the price decreased. In February 2024, the average price of petrol in the country stood at approximately *** NGN.

Gasoline Prices in Nigeria decreased to 0.60 USD/Liter in June from 0.65 USD/Liter in May of 2025. This dataset provides the latest reported value for - Nigeria Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Nigeria Crude Oil: Exports

• Nigeria Crude Oil: Exports was reported at 1,476.170 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,388.260 Barrel/Day th for Dec 2022
• Nigeria Crude Oil: Exports data is updated yearly, averaging 1,812.003 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,464.120 Barrel/Day th in 2010 and a record low of 935.200 Barrel/Day th in 1983
• Nigeria Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

In 2023, overseas shipments of crude petroleum oil were finally on the rise to reach 63M tons for the first time since 2020, thus ending a two-year declining trend.

Brent rose to 70.69 USD/Bbl on July 11, 2025, up 2.99% from the previous day. Over the past month, Brent's price has risen 1.92%, but it is still 16.86% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on July of 2025.

Crude oil price data

United States Crude Oil Price: EIA: Landed Cost of Imports: Nigeria data was reported at 79.380 USD/Barrel in May 2018. This records an increase from the previous number of 70.590 USD/Barrel for Mar 2018. United States Crude Oil Price: EIA: Landed Cost of Imports: Nigeria data is updated monthly, averaging 27.000 USD/Barrel from Oct 1973 (Median) to May 2018, with 500 observations. The data reached an all-time high of 142.660 USD/Barrel in Jun 2008 and a record low of 7.460 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: Landed Cost of Imports: Nigeria data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

Nigeria GDP: Basic Prices: Industry: MQ: Crude Petroleum & Natural Gas data was reported at 10,355,946.136 NGN mn in 2017. This records an increase from the previous number of 5,367,322.682 NGN mn for 2016. Nigeria GDP: Basic Prices: Industry: MQ: Crude Petroleum & Natural Gas data is updated yearly, averaging 670,737.334 NGN mn from Dec 1981 (Median) to 2017, with 37 observations. The data reached an all-time high of 11,315,033.279 NGN mn in 2012 and a record low of 4,280.034 NGN mn in 1983. Nigeria GDP: Basic Prices: Industry: MQ: Crude Petroleum & Natural Gas data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.A007: GDP: by Industry: Current Price: Annual.

According to data from April 2020, Nigeria's daily oil production will decrease from *** million barrels to *** billion barrels. Nigeria's economy was significantly impacted by the COVID-19 pandemic. Among others, oil prices experienced a sharp fall and the country lowered the daily crude oil production consistently. Crude oil, petrol, and fuel represented Nigeria's main source of export value.