KEY POINTS
- NNPC increased crude prices across all Nigerian grades, with Bonny Light and Forcados seeing significant gains.
- Global oil prices surged above $110 per barrel due to escalating Middle East tensions and supply fears.
- Energy exporters benefit while importers struggle, as currencies and economies react differently to rising oil prices.
The Nigerian National Petroleum Company Limited, NNPC, has increased the official selling prices of all 37 Nigerian crude oil grades for May-loading cargoes, capitalising on rising global oil prices triggered by the ongoing conflict involving Iran, the United States, and Israel.
According to industry data, Nigeria’s flagship crude, Bonny Light, recorded a price increase of $6.13 per barrel compared to April, while Forcados crude rose by $7.01 per barrel. The upward adjustment reflects a broader surge in oil prices as geopolitical tensions tighten global supply expectations.
Benchmark crude, particularly Brent, has climbed above $110 per barrel as fears grow that the Middle East conflict could become prolonged. Concerns over the possible disruption of key oil routes, especially the Strait of Hormuz, have intensified market volatility.
Data from the Central Bank of Nigeria shows that Bonny Light had traded around $74 per barrel before the crisis escalated in late February but has since climbed significantly amid supply uncertainti
