NNPCL Raises Crude Oil Price Amid Global Tensions

The Nigerian National Petroleum Company Limited (NNPCL) has raised the official selling price of Nigeria's flagship crude grade, Bonny Light, to $37 per barrel for May, marking an increase of $6.13 per barrel compared to April. This price adjustment comes amid a rise in global oil prices, which have surged above $110 per barrel due to escalating tensions in the Middle East, particularly concerning the United States and Iran.

The report from OilPrice.com indicates that the price of Forcados crude also rose by $7.01 per barrel during the same period. The latest increase in Nigeria's crude oil selling price is anticipated to improve oil revenue and stabilize product exports.

Data from the Central Bank of Nigeria shows that Bonny Light traded around $74 amid the ongoing crisis, with speculation surrounding the reopening of the Strait of Hormuz for oil vessel movement. The adjustment reflects the market's uncertainty linked to the geopolitical situation in the Middle East.