The Nigerian National Petroleum Company Limited (NNPCL) has raised the official selling prices for all 37 Nigerian crude grades for May-loading cargoes, riding on a surge in global oil prices linked to escalating tensions in the Middle East.
A report by Oilprice.com indicated that the price adjustment saw Nigeria’s flagship crude, Bonny Light, increase by $6.13 per barrel for May compared to April, while Forcados rose by $7.01 per barrel.
“Nigeria reaps the benefit of the Iran war. Nigeria’s national oil company NNPC has raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, hiking its flagship grade Bonny Light by a whopping $6.13 per barrel compared to April, while Forcados is up by $7.01 per barrel.”
The upward review comes as Brent crude surged past $110 per barrel amid fears that tensions involving Iran, the United States, and Israel could develop into a prolonged conflict, tightening global supply concerns.
Market anxiety has also been heightened by reports of the United Arab Emirates’ unexpected exit from OPEC, raising questions about a possible realignment in Middle East energy politics.
Data referenced from the Central Bank of Nigeria showed that Bonny Light had already gained nearly $2 on Monday, amid speculation over whether Iran and the United States might agree to reopen the Strait of Hormuz to allow the free passage of oil vessels.
CBN figures indicated that Bonny Light traded at approximately $74 before the Middle East crisis escalated on February 28, underscoring the sharp price swing driven by geopolitical developments.
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