US-Iran war: NNPC hikes oil prices by $7/barrel

The Nigerian National Petroleum Company Limited has raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, according to a report by Oilprice.com.

The report stated that Nigeria is reaping the benefits of the US-Iran war, as the NNPC increased the price of its flagship grade, Bonny Light, by $6.13 per barrel for May compared to April.

Similarly, Forcados was also raised by $7.01 per barrel. This development may indicate that the Dangote Petroleum Refinery could pay more for crude, a move that may ultimately push up fuel prices.

By Dare Olawin

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