Business
Nestoil Refutes Defamatory Claims, Reaffirms Integrity, Commitment to Rule of Law
l Company denounces false online publications, abuse of judicial process.
l Vows legal action against malicious actors.
In a firm and measured response to recent online reports, Nestoil Limited has strongly refuted what it described as “defamatory and unsubstantiated claims” circulated by certain gossip platforms and individuals posing as freelance journalists.
The indigenous oil and gas company emphasized that the allegations, including insinuations of bribery and judicial interference are “entirely baseless, malicious, and orchestrated to mislead the public.”
In a detailed statement issued through its Corporate Communications Department, Nestoil reaffirmed its unwavering commitment to integrity, due process, and the rule of law, stressing that its operations have always been guided by ethical corporate principles and regulatory compliance.
“At no point has Nestoil undermined justice or influenced public or judicial officers through unethical means. We have always, and will always, adhere to due process and the rule of law,” the statement read. “Nestoil emphatically and unreservedly rejects any insinuation or suggestion that the company, its affiliates, or its representatives have ever engaged in improper payments or attempted to subvert the judicial process.”
The company also addressed what it termed the deliberate misrepresentation of ongoing legal proceedings involving certain entities associated with First Bank of Nigeria (FBN). According to Nestoil, the said entities obtained an ex-parte order against Nestoil, its affiliate Neconde Energy Limited (Neconde), and some executives without prior notice or participation from the defendants, an action that has since been exploited to create a false public impression.
Nestoil explained that ex-parte orders are temporary judicial instruments meant only to maintain the status quo pending full hearing of all parties. However, it alleged that the FBN entities have gone beyond the intent of the order by vandalizing third-party assets and sponsoring misleading reports of a purported takeover of Nestoil and Neconde.
Such acts, the company argued, demonstrate a blatant disregard for the judicial process and appear to be part of a larger campaign to weaponize misinformation against the company. In response, Nestoil stated that it has already presented its case to the courts, refuting the claims and allegations by the FBN entities purporting to act on behalf of the banks.
“The company and its affiliates have always acted within the bounds of the law and have never engaged in conduct that could prejudice the ongoing court proceedings. These actions and the related false narratives are not only unjust but also lack any legal or factual basis,” the company added.
Warning against misinformation, Nestoil urged the media, stakeholders, and the general public to disregard sensational publications originating from anonymous or unverifiable sources. It warned that the spread of such falsehoods undermines both the integrity of the justice system and public confidence in corporate governance.
It said, “We urge all concerned parties to rely solely on verified sources and to remain alert to the dangers posed by misinformation.
Reiterating its readiness to defend its integrity, Nestoil declared that it would pursue all available legal remedies against individuals or organizations that persist in publishing or amplifying defamatory material.
The oil giant reaffirmed its dedication to transparency, accountability, and ethical business practices, noting that its corporate philosophy has always been anchored in respect for the law and the communities it serves.
“Nestoil is, and has always been, guided by an unyielding commitment to the highest standards of integrity, transparency, and ethical business conduct,” the company said. “We operate strictly within all applicable legal and regulatory frameworks, and our longstanding adherence to these standards remains non-negotiable. As we advance, we will vigorously defend our position through lawful means, remaining true to the values that define our organization.”
The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre if the proposed peace agreement between the United States and Iran is successfully implemented and global crude oil prices continue to decline.
The expectation follows fresh developments in the Middle East, where efforts to end months of hostilities have pushed international oil prices downward. Nigeria market report
Crude oil prices, which climbed sharply during the conflict, have dropped significantly in recent days as investors react positively to reports of a ceasefire framework and plans to reopen the Strait of Hormuz, one of the world’s busiest oil shipping routes.
Industry operators believe the development could eventually reflect in domestic fuel prices, especially as crude oil remains the major raw material for refined petroleum products.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.
During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.
There are now growing expectations that local refiners, including the Dangote Petroleum Refinery, may review their prices if the downward movement in crude oil is sustained.
The refinery had previously reduced its petrol loading price from N1,275 per litre to N1,250 per litre after crude prices softened. Diesel prices were also adjusted downward during the same period.
A source familiar with operations at the refinery said another price cut is possible if the market remains stable. However, the source explained that a large volume of crude purchased at earlier, higher prices is still being processed, which could slow the pace of any immediate reduction.
According to the source, petrol selling at N900 per litre is achievable if global oil prices continue to decline and the market fully adjusts to the new realities.
Fuel marketers have also expressed optimism over the outlook.
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) said petrol prices could fall below N1,000 per litre once the Strait of Hormuz is fully reopened and crude oil returns to pre-conflict levels.
The association noted that Nigerians paid around N800 per litre before the crisis escalated and believes the market could gradually move back toward that range if peace is maintained.
The optimism comes after United States President Donald Trump announced that a peace arrangement with Iran was underway, with both countries expected to reopen the Strait of Hormuz as part of the agreement.
The planned reopening is expected to restore smoother global oil supply and reduce pressure on international energy markets.
Meanwhile, checks across the downstream sector indicate that some fuel marketers have already started adjusting their ex-depot prices below the current benchmark, signalling the possibility of another round of competition in the industry.
The landing cost of imported liquefied petroleum gas (LPG), also called cooking gas, has dropped significantly, offering fresh hope for lower energy prices across the country.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) showed that the cost of bringing fuel products into Nigeria has now fallen below the ex-depot prices offered by the Dangote Refinery.
The development comes as petroleum marketers reportedly imported fuel and gas valued at about N279 billion to boost supply and take advantage of declining international market prices, according to a report by Punch.
Cooking gas prices also witnessed a sharp decline in landing costs, raising expectations that consumers may soon enjoy relief from soaring household energy expenses.
MEMAN disclosed that the landing cost of LPG fell to N950,000 per metric tonne. Based on the latest figures, the expected retail price of cooking gas should hover around N925 per kilogramme.
This contrasts sharply with the N1,410 per kilogramme reportedly sold by Dangote Refinery. Despite the reduction in import costs, many Nigerians have yet to feel the impact at the retail level, as cooking gas prices remain stubbornly high across major cities.
Retailers currently sell cooking gas for as high as N2,400 per kilogramme, while larger distributors maintain average prices around N1,800 per kilogramme.
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
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