Nigeria’s crude oil market is seeing stronger pricing as rising purchases from the Dangote Petroleum Refinery tighten supply and lift export premiums for key grades.

Bonny Light, Bonga, and Escravos crude cargoes are now being sold at premiums of about $5.50 to $7 per barrel above the Dated Brent benchmark. This represents an increase of roughly $2 per barrel compared to June levels, according to market updates.

The price gains are largely linked to higher crude intake by the Dangote refinery, which has rapidly scaled up operations since beginning production. Data indicates the refinery processed more than 16 million barrels of Nigerian crude in June, equal to about 526,000 barrels per day. This accounts for a major share of its expanded refining capacity of 700,000 barrels per day.

Traders say the refinery’s strong buying activity is absorbing supply that would typically be exported, helping to support local crude values even as global oil markets remain volatile due to geopolitical tensions.

Nigeria’s position has also been strengthened by weaker demand in competing African markets. Angola, for example, is facing softer interest from key buyers like China, which has reduced crude imports to multi-year lows. This has pressured Angolan crude prices, with some grades now trading at discounts instead of premiums.

Market participants note that without the steady demand from the Dangote refinery, Nigerian crude prices would likely be lower due to broader global market conditions.

.Nigeria exports about 50 million barrels of crude oil each month, and the refinery’s purchases now account for nearly a third of that volume, highlighting its growing importance in the country’s oil sector.