NNPC Raises Oil Prices Amid US-Iran Tensions

The Nigerian National Petroleum Corporation (NNPC) has raised the official selling price of Nigerian crude grades for May, with Bonny Light increasing by $6.13 per barrel and Forcados by $7.01 per barrel. This price hike is attributed to the benefits Nigeria is reaping from the ongoing US-Iran war, as Bonny Light reached $124.86 per barrel on Tuesday, significantly above the global benchmark Brent crude, which rose above $110 per barrel.

The situation has prompted industry voices to warn that the US-Iran conflict could escalate further, especially following the failure of recent talks in Islamabad and comments from US President Donald Trump regarding Iran's ceasefire proposal. Former President of the Nigerian Association of Energy Economists, Adeola Adenikinju, described the situation as a double-edged sword, where Nigeria stands to gain from higher oil prices but may also face increased economic hardship for its citizens due to rising fuel costs and inflation.