Lagos — Nigeria’s major crude grades—Bonny Light, Brass River, and Qua Iboe—rose above $77 per barrel over the weekend, and sustained the rise till late Sunday, following Israel’s military strikes on Iran, heightening fears of a wider Middle East conflict.
According to data from Oilprice.com, Bonny Light surged to $78.62 per barrel, while Brass River and Qua Iboe closed at $77.09 and $77.14, respectively.
The rally marked a sharp jump from the average of $65 per barrel recorded just days earlier. The new price levels exceed the Federal Government’s 2025 budget benchmark of $75 per barrel by more than $2, potentially offering short-term fiscal relief.
However, energy analysts warn that higher crude prices could trigger an increase in local fuel prices, as refiners face rising costs for crude, the primary feedstock for petrol and diesel production.
The price hike is attributed to renewed geopolitical tensions in the Middle East.
