In a strategic bid to maintain competitiveness amid shifting global demand, the Nigerian National Petroleum Company Limited (NNPC) has lowered the Official Selling Prices (OSPs)—locally known as NNPC Selling Prices (NSPs)—for the majority of its crude oil grades for March 2026 loading.
According to the pricing document released on February 26, 2026, the move reflects a broader “market-clearing” strategy as European refiners show increased sensitivity to freight costs and North Sea benchmarks.
March 2026 Pricing Snapshot
Out of the 37 crude grades tracked by the NNPC, only four saw an upward adjustment, while the flagship grades experienced notable discounts compared to February, according to a copy of the pricing document seen by Platts.
Bucking the downward trend, only Okwori, Oyo, Nembe, and Utapate saw their NSPs rise for March.
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Specialty Demand: Analysts suggest these specific light-sweet and medium grades are currently in high demand from Asian refiners, particularly for their specific distillate yields which are commanding a premium in the Singapore market.
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Tight Supply: Smaller “boutique” streams like Okwori often see price spikes when loading schedules are tight or when a specific regional buyer moves to secure the entire month’s allocation.
Strategic Context: Launching “Cawthorne”
The price cuts come as NNPC prepares to launch a new export grade, Cawthorne, in the third week of March 2026.
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Market Entry: By lowering the prices of established benchmarks like Bonny Light, the NNPC is creating a “favorable entry window” for the new Cawthorne grade, which has a similar API gravity of 36.4 and is expected to compete for the same refining slots.
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OPEC+ Quota: Nigeria produced 1.48 million bpd in January, just shy of its 1.5 million bpd OPEC quota. The aggressive pricing for March is viewed as a move to ensure every drop of the country’s increasing output finds a buyer in a well-supplied Atlantic Basin.
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