NNPC Raises Oil Selling Prices for August

Following the recent surge in oil prices, the Nigerian National Petroleum Corporation (NNPC) has raised selling prices of Nigeria’s two major crude oil grades for the month of August.

This was stated in the latest loading programmes released for the month of September on Monday, according to a Reuters report.

The report shows NNPC raised August official selling price for Bonny Light and Qua Iboe crude to dated Brent oil by 61 cents and 65 cents per barrel respectively.

However, loading programmes for the month of September showed that Bonny Light and Forcados will have seven cargoes, Bonga four cargoes while Qua Iboe will have six.

Therefore, total loading for the four main grades will be 756,000 barrels per day for the month of September, up from 743,000 barrels per day scheduled for August.

For the smaller streams, there will be three Akpo cargoes including one partial cargo, four Egina cargoes including one partial, three cargoes of Amenam, one cargo each of Yoho, Usan and EA as well as two Erha.

Bonny Light and Qua Iboe were on offer at about dated Brent plus 90 cents to plus $1.00.

Meanwhile, Brent Crude oil, against which Nigerian oil is priced, pulled back to $43.80 per barrel on Wednesday after data showed the US crude oil inventories rose by 7.5 million barrels last week, more than the 2.1 million barrels projected by experts.