The Nigerian National Petroleum Company Limited has increased the official selling prices of all 37 Nigerian crude oil grades for May-loading cargoes, following a surge in global oil prices.
Nigeria’s flagship crude, Bonny Light, rose by $6.13 per barrel, while Forcados crude increased by $7.01 per barrel compared to April prices.
The upward adjustment reflects Nigeria’s response to rising demand and tightening global supply conditions.
The price increase is linked to escalating geopolitical tensions, particularly involving the United States and Iran, which have raised concerns about disruptions in global oil supply.
Benchmark crude, Brent crude, has reportedly surged above $110 per barrel, driven by fears of prolonged conflict and instability in key oil-producing regions.
Additional uncertainty has emerged following reports that the United Arab Emirates may exit the Organisation of Petroleum Exporting Countries, a move that could reshape global oil alliances.
There are also concerns around the strategic Strait of Hormuz, a critical route for global oil shipments, amid ongoing tensions.
Data from the Central Bank of Nigeria shows that Bonny Light had traded around $74 before the escalation of the crisis in late February.
With the new price adjustments, Nigeria stands to benefit from increased oil revenue; provided production levels and export volumes remain stable.
The development highlights how global geopolitical events continue to shape Nigeria’s oil earnings and economic outlook.
