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Petrol hits N1,900/litre as depot prices surge despite NNPC cut

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•NIPCO raises petrol price by N170 in Port Harcourt; Rain Oil, Matrix hike diesel to N1,900 in Warri; NNPC sells at N1,360, MRS at N1,338 in Lagos; Brent rises to $104.50 per barrel

There are indications that domestic petroleum product prices could rise further as petrol depot prices surged across Lagos, Port Harcourt, Warri and Calabar on Friday, with several marketers in Port Harcourt raising their prices to N1,900 per litre, despite lower pump prices at some filling stations in Lagos.

NIPCO led the increases in Port Harcourt, raising its Premium Motor Spirit, PMS, price by N170 per litre to N1,900 from N1,730, while six other depots increased their prices by N150 to the same level.

The developments coincided with an increase in international crude oil prices, as Brent crude climbed to $104.50 per barrel from $104.28, while the US benchmark, West Texas Intermediate, WTI, rose to $91.73 from $91.49.

A review of depot prices showed that African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto raised their petrol prices in Port Harcourt to N1,900 per litre from N1,750 each.

Duport and Integrated, however, increased their prices to N1,806 per litre from N1,750, representing an increase of N56 per litre.

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In Lagos, Masters raised its petrol price to N1,350 per litre from N1,303, while Matrix increased its price to N1,360 from N1,330.

Sigmund and T.S.L raised their prices to N1,350 per litre from N1,300 each, while NIPCO increased its price to N1,350 from N1,326.

In Calabar, Matrix raised its price to N1,370 per litre from N1,315. In Warri, Keonamex, Matrix, Nepal and Parker increased their prices to N1,360 per litre from N1,315 each, while Optima raised its price to N1,360 from N1,330.

Pump prices vary

At the retail end, the NNPC Limited sold petrol at N1,360 per litre at its filling stations in Lagos and surrounding areas.

MRS Oil Nigeria Plc sold the product at N1,338 per litre, while 11 Plc sold at N1,338.80. Independent marketers charged between N1,368 and N1,400 per litre, depending on location.

Consequently, motorists patronising MRS and 11 Plc paid less than those buying from some independent marketers, whose prices reached N1,400 per litre.

The price differences highlight the divergent pricing trends across the supply chain, with depot prices rising in several locations even as some filling stations continued to sell below the rates charged by independent marketers.

Diesel prices climb

The diesel market also recorded significant increases in Warri, where Rain Oil and Matrix raised their Automotive Gas Oil, AGO, prices by N180 per litre to N1,900 from N1,720 each.

In Port Harcourt, Dangote increased its diesel price to N1,720 per litre from N1,702, while Masters raised its price to N1,825 from N1,788.

The increases could add to operating costs for manufacturers, transport operators and other businesses that rely on diesel for power generation and transportation, particularly if the higher prices persist.

Crude oil market mixed

On the international market, the OPEC Basket rose to $109.50 per barrel from $108.59, while WTI Midland increased to $92.74 from $92.32.

Natural gas prices climbed to $3.235 from $3.168, but Murban crude fell to $108.50 per barrel from $110.49.

Among refined products, gasoline declined to $3.293 from $3.316, while heating oil dropped to $4.724 from $4.883. The Indian Basket rose to $121.10 per barrel from $117.63.

The mixed movements across international benchmarks indicate that domestic depot price increases should not be attributed solely to the day’s crude oil gains. Product replacement costs, supply conditions, transportation expenses and individual marketers’ pricing decisions may also influence local prices.

Commenting on the developments in an interview with Vanguard, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”

With petrol reaching N1,900 per litre at several Port Harcourt depots and diesel hitting the same level in Warri, the latest price movements underscore the pressures facing Nigeria’s downstream market and the continuing differences between wholesale and retail prices. (Saturday Vanguard)

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Man Arrested Over Alleged Rape, Killing of Young Girl in Imo

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A man reportedly from Uburu in Ebonyi State has been arrested in Ikpeze, Okigwe Local Government Area of Imo State, over the alleged rape and killing of a young girl from the Onuoha family.

According to reports, the suspect allegedly raped the girl before killing her and dumping her body in a nearby bush.

The incident has sparked concern among residents, with many calling for a thorough investigation to establish the circumstances surrounding the young girl’s death and ensure that justice is served.

The identity of the suspect and other details surrounding the incident have yet to be fully disclosed.

As of the time of filing this report, the Imo State Police Command had yet to issue an official statement on the incident.

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Further details are expected as investigations progress.

UPDATE: Young Woman Umuora Mmesoma, Reportedly Killed by Ex-Boyfriend in Anambra, Buried

Meanwhile, Umuora Mmesoma, a young woman reportedly killed by her former boyfriend in Uga, Anambra State, has been laid to rest.

Mmesoma was reportedly declared missing on Friday, October 16, 2026, before her body was later discovered.

According to accounts circulating on social media, her former boyfriend, identified as Chima, allegedly killed her following the end of their relationship.

The suspect reportedly confessed to the crime, claiming that he killed Mmesoma in his house, placed her body inside a bag and dumped it at another location.

Her burial has left family members, friends and loved ones mourning the tragic loss of a young life.

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Binance Halts Withdrawals After Reported $6.3bn Crypto Hack

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Founder Changpeng Zhao told customers their ‘funds are safe!’ after a cyber attack on the crypto exchange © Eric Piermont/AFP
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Binance, the world’s largest cryptocurrency exchange, has temporarily suspended deposits and withdrawals following a major security breach reportedly involving about $6.3 billion in digital assets.

The exchange said its preliminary investigation indicated that an attacker may have gained unauthorised access to its systems through a compromised laptop belonging to an engineer.

In a statement released on Thursday, Binance disclosed that it was working with blockchain intelligence firms, cryptocurrency issuers and law enforcement agencies to investigate the incident and recover the affected assets.

“The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with $3 billion frozen on-chain so far,” the company said.

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Binance explained that its initial findings suggested the attacker had compromised a DevOps engineer’s laptop, potentially enabling access to a service container through which unauthorised withdrawal transactions were submitted.

However, the exchange said it had found no evidence that private keys, which provide access to cryptocurrency wallets, had been exposed.

The company subsequently suspended deposits and withdrawals while its security team conducted checks and worked to contain the incident.

“Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe,” Binance said in a post on X.

North Korean Hackers Suspected

Blockchain intelligence firm TRM Labs has linked the incident to TraderTraitor, a cybercrime operation associated with North Korean hackers.

If the reported losses are confirmed, the incident would rank as the largest cryptocurrency theft on record, surpassing the $1.5 billion cryptocurrency theft from the Bybit exchange in 2025, which was attributed to North Korean hackers.

However, investigations into the Binance incident are ongoing, and the full circumstances surrounding the attack have yet to be conclusively established.

The incident has renewed concerns about the vulnerability of cryptocurrency platforms to cyberattacks, particularly those involving compromised employee devices and unauthorised access to internal systems.

Tether, Circle Freeze Funds

Major cryptocurrency companies have moved to limit the potential losses by freezing digital assets believed to be connected to the incident.

Tether Chief Executive Officer Paolo Ardoino said the company had frozen approximately $1.5 billion in USDT, its dollar-linked stablecoin.

Circle, the issuer of another major stablecoin, also reportedly froze about $800 million in assets amid reports of a potential security breach at Binance.

Binance said the amount of frozen funds could increase as investigators and industry partners continue tracing transactions across different blockchain networks.

The exchange is working with relevant stakeholders to identify the movement of the affected assets and prevent further transfers where possible.

Bitcoin, BNB Prices Fall

The reported security breach triggered a negative reaction in the cryptocurrency market, with major digital assets recording significant declines.

Bitcoin fell by approximately four per cent to $77,229 in the hours following reports of the incident.

BNB, the native token of the blockchain ecosystem developed by Binance, also dropped by about 7.5 per cent.

The price movements reflect investor concerns about the potential consequences of a major security incident at a leading cryptocurrency exchange.

Binance, which was established in 2017, reportedly holds approximately $140 billion in digital assets, making its security arrangements and ability to protect customer funds significant to the wider cryptocurrency industry.

CZ Says Customer Funds Should Be Covered

Binance co-founder and former chief executive, Changpeng Zhao, popularly known as CZ, also commented on the incident.

Although he stepped down from management of the exchange in 2023 following a settlement with United States authorities over anti-money-laundering compliance failures, Zhao said he expected customer funds to be protected.

As a shareholder, he expressed confidence that users would not ultimately bear the financial losses associated with the incident.

Binance has also indicated that it would cover eligible customer losses using its own resources, including its Secure Asset Fund for Users (SAFU), an emergency fund established to provide an additional layer of protection for customers.

The company’s final assessment of the losses and the extent of customer exposure will depend on the outcome of the ongoing investigation.

Polymarket Reports Separate Security Incident

The Binance incident emerged just hours after Polymarket, a popular prediction market, reported a separate security issue involving one of its third-party service providers.

Polymarket temporarily suspended trading after discovering that the provider had been compromised, potentially exposing some users to unauthorised activity involving their accounts.

The platform said it had referred the matter to law enforcement and promised to compensate affected users.

The two incidents have raised fresh questions about the security of cryptocurrency trading platforms and the risks associated with third-party technology providers.

In recent years, cryptocurrency exchanges and decentralised finance platforms have repeatedly been targeted by hackers seeking to exploit vulnerabilities in software, digital wallets and internal security systems.

Crypto Industry Faces Growing Security Threats

The reported Binance breach comes amid continuing concerns over cryptocurrency theft and the growing sophistication of cybercriminal operations.

According to blockchain analytics firm Chainalysis, North Korean-linked hackers stole approximately $2 billion in cryptocurrency in 2025, representing a 50 per cent increase from the previous year.

In another major incident, hackers reportedly stole about $280 million from the Drift cryptocurrency exchange in April.

The latest developments have highlighted the importance of stronger cybersecurity controls, effective monitoring of employee devices, rapid detection of suspicious transactions and cooperation between cryptocurrency companies and law enforcement agencies.

For Binance, the immediate priority remains containing the incident, tracing the affected funds and establishing the full extent of the losses.

The company is expected to release a detailed technical report after completing its investigation and verifying the facts surrounding the breach.

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Tinubu Arrives in Saudi Arabia for Umrah, Set to Return Next Week

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President Bola Ahmed Tinubu has arrived in Saudi Arabia to perform Umrah, the Islamic lesser pilgrimage, as part of a religious visit to the Kingdom.

Tinubu arrived at the King Abdulaziz International Airport in Jeddah on Thursday evening, where he was received by Nigeria’s Ambassador to Saudi Arabia, Yakubu Gambo, and the Saudi head of royal protocol, Ahmad bin Thafir.

The President is expected to proceed to Makkah, the holy city where Muslims from across the world gather to perform the religious rites associated with Umrah.

According to the travel schedule, Tinubu is expected to return to Nigeria next week after completing the pilgrimage.

Umrah is a voluntary Islamic pilgrimage that can be undertaken at any time of the year, unlike Hajj, which takes place during a specific period in the Islamic calendar. The religious exercise involves a series of rites performed in Makkah and is regarded by Muslims as an opportunity for spiritual reflection, repentance and seeking Allah’s blessings.

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The visit marks another religious journey by the President since assuming office on May 29, 2023.

Tinubu previously visited Makkah in November 2023, shortly after participating in the Saudi-African Summit in Riyadh, the Saudi Arabian capital. During that visit, he also performed Umrah and sought divine guidance for his administration and the affairs of Nigeria.

His latest trip comes as his administration continues to grapple with major national issues, including economic reforms, the cost of living, security challenges and efforts to stimulate investment and economic growth.

Although the visit is primarily religious, it also highlights the President’s continued engagement with Saudi Arabia, an important partner for Nigeria in areas such as energy, trade, investment and religious affairs.

Since taking office, Tinubu has undertaken numerous foreign trips involving bilateral meetings, multilateral summits, investment engagements and diplomatic visits across several continents.

The frequency of presidential foreign travel has also generated public discussion about the costs, benefits and outcomes of overseas engagements, particularly at a time when Nigerians are concerned about economic hardship and the need for improved living standards.

The Presidency has consistently maintained that international engagements are intended to strengthen Nigeria’s diplomatic relations, attract investment and advance the country’s economic and strategic interests.

Tinubu’s return next week is expected to mark the conclusion of the religious visit, after which he is expected to resume his presidential responsibilities in Nigeria.

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