NNPCL Raises May Crude Oil Prices by $7 per Barrel, Hikes Petrol Price in Lagos, Abuja
- NNPCL raises crude oil grades by up to $7 per barrel in response to global market changes
- Nigerians face higher petrol prices as NNPCL adjusts costs across major cities
- Economists warn that rising fuel prices may worsen inflation and impact household incomes
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the official selling prices (OSPs) of its crude oil grades for May-loading cargoes by as much as $7 per barrel, while also raising petrol pump prices across key cities, including Lagos and Abuja.
The latest adjustment comes as global crude oil markets react sharply to rising geopolitical tensions between the United States and Iran, pushing international oil benchmarks to fresh highs and creating new pressure across Nigeria’s downstream petroleum sector.
Source: UGC
Bonny Light, Forcados lead price increase
Industry data shows that NNPCL reviewed prices upward across all 37 Nigerian crude streams, with major export grades recording significant gains.
Nigeria’s flagship Bonny Light crude rose by about $6.13 per barrel compared to April levels, while Forcados crude increased by approximately $7.01 per barrel.
Bonny Light is currently trading around $124.86 per barrel, commanding a premium of nearly $14 above Brent Crude, which has surged beyond $110 per barrel.
The price rally is largely driven by fears of supply disruptions in the Middle East, especially around the Strait of Hormuz, a critical global shipping route for crude exports.
Analysts say the prolonged diplomatic tensions between Washington and Tehran have heightened supply concerns, tightening market expectations and pushing oil prices upward.
Global tensions boost Nigeria’s revenue outlook
Energy experts say the surge in crude prices could temporarily improve Nigeria’s foreign exchange earnings and government revenue, given the country’s heavy dependence on oil exports.
Additional market uncertainty has also emerged following reports that the United Arab Emirates may be considering an exit from the Organisation of the Petroleum Exporting Countries (OPEC), a development that has triggered fresh speculation over future global supply patterns.
Data from the Central Bank of Nigeria had shown Bonny Light trading close to $74 per barrel before the recent escalation in late February, highlighting the sharp increase recorded within weeks.
Higher oil prices trigger petrol price hike
Despite the revenue upside, Nigerians are already feeling the impact through higher fuel costs.
A market survey conducted on Thursday, April 30, 2026, showed that NNPCL filling stations in Lagos raised petrol prices to ₦1,320 per litre from ₦1,245.
In Abuja, pump prices climbed to ₦1,364 per litre from ₦1,295, representing an increase of ₦69 per litre.
The new prices have taken effect across several NNPCL stations in the Federal Capital Territory, including Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Zone 4.
An attendant at one of the Abuja outlets confirmed the adjustment, saying, “We changed our pump price to ₦1,364 per litre from ₦1,295 this morning.”
Dangote Refinery hike adds more pressure
Other filling stations, including MRS, BOVAS, and independent marketers, have also adjusted their pump prices upward, with petrol now selling between ₦1,365 and ₦1,370 per litre in Abuja.
The latest hike follows a recent increase in ex-depot prices by the Dangote Refinery, which raised its petrol loading cost by ₦75 per litre to ₦1,275 from ₦1,200.
The refinery attributed the increase to rising global crude prices, which recently crossed $115 per barrel.
Source: UGC
Economists warn that while higher crude prices may strengthen public finances, the resulting increase in fuel prices could worsen inflation, raise transport fares, and further strain household incomes across the country.
They have called for targeted government interventions to cushion the impact on vulnerable Nigerians as energy costs continue to rise.
Depot owners raise petrol prices to N1,330
Legit.ng earlier reported that Petrol prices across Nigerian depots have climbed sharply, crossing the ₦1,300 per litre mark in several locations, as marketers react to rising global crude oil prices and Dangote Refinery’s latest ex-depot price adjustment.
The fresh increase comes amid growing concerns over the escalating United States-Iran conflict, which has pushed Brent crude prices to $117 per barrel, alongside the unexpected withdrawal of the United Arab Emirates from OPEC, a move that has intensified fears of supply disruptions across global energy markets.
The pressure intensified after Dangote Refinery increased its ex-depot petrol price by ₦75, raising it from ₦1,200 to ₦1,275 per litre.
Source: Legit.ng
