The Nigerian National Petroleum Company Limited has raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, as nations of the world benefit from ongoing Iran-US and Israel war.
According to a report by Oilprice.com, the NNPC increased the price of its flagship grade, Bonny Light, by $6.13 per barrel for May compared to April.
“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.”
Brent surges above $110 as fears grow that the U.S.-Iran war could drag into a prolonged conflict, while the UAE’s shock OPEC exit raises questions over a broader Middle East energy realignment.
According to the Central Bank of Nigeria, Bonny Light rose by nearly $2 on Monday amid speculation over whether Iran and the United States might agree to reopen the Strait of Hormuz and allow the free movement of oil vessels.
Data from the CBN showed that Bonny Light was approximately $74 before the Middle East crisis escalated on February 28.
