The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has lowered the fiscal oil price differentials for most Nigerian crude grades in July 2026, extending a broad decline in official premiums after sharp increases recorded in May and June.
A review of the Commission's latest Fiscal Oil Price (FOP) differentials by Petroleumprice.ng showed that virtually all 37 Nigerian crude grades recorded lower official differentials in July compared with June, although many remained above their levels seen earlier in the year. The revised differentials, approved on June 24, 2026, are used for fiscal valuation of Nigerian crude exports against the Dated Brent benchmark.
Among Nigeria's flagship export grades, Bonny Light saw its differential reduced to $2.70 per barrel in July from $4.64in June. Qua Iboe declined to $2.57 from $4.59, while Forcados fell to $3.96 from $6.03. Escravos also dropped to $4.01 from $6.27, and Bonga was revised down to $4.02 from $6.56.
Erha, another major export stream, recorded a July differential of $3.87, down from $6.30 in June, while Agbami slipped below parity with Dated Brent at -$0.03, compared with a premium of $2.13 the previous month.
Despite the broad reductions, Egina retained its position as Nigeria's highest-priced crude stream, with a July fiscal differential of $6.07 per barrel, although this was lower than the $8.20 recorded in June. Other high-premium grades included Oyo at $5.22, EA Blend at $5.01, Okwori at $4.98, Ukpokiti at $4.70, and Nembe at $4.64.
Several medium and smaller production grades also posted lower premiums. Abo Blend declined to $4.11 from $5.25, Aje eased to $3.56 from $4.55, Asaramatoru dropped to $3.75 from $5.05, Pennington fell to $2.89 from $5.26, while Yoho Light declined to $4.00 from $5.38.
Some crude streams continued to trade at discounts relative to Dated Brent. Ebok recorded the deepest July discount at -$5.97 per barrel, compared with -$0.75 in June. Eremor stood at -$4.69, Jones Creek at -$3.09, Usan at -$0.49, and Utapate at -$0.31. Amenam Blend, Akpo, Agbami, and Zafiro also remained below the benchmark.
The July revisions follow a period of exceptionally strong fiscal premiums in May and June, when several Nigerian crude grades posted their highest official differentials of the year. While the latest schedule indicates a broad moderation in pricing, many grades continue to command premiums that are stronger than those recorded during the first four months of 2026.