Former Cross River State Governor and Peoples Redemption Party (PRP) presidential candidate, Donald Duke, says petrol could sell for about N300 per litre if he wins the 2027 presidential election.
Duke made the promise during an interview on Channels Television’s Morning Brief on Monday, where he discussed President Bola Tinubu’s economic policies and his plans for Nigeria’s petroleum sector.
He said petrol for local use should be priced according to production costs, not international market prices.
“The subsidy regime thing — this whole thing is a scam. I’m going to price petroleum products for local consumption at production costs, not at international market costs,” Duke said.
He added, “I’m giving you a production cost of $45, right? The international price — that’s $45, including processing, refining, otherwise, it’s about $30, and you’re selling it back to your own people at 100 and something dollars,”
Duke said expensive petrol was hurting Nigerians, especially low-income earners.
“You don’t want them to breathe, and your people are notably the poorest in the world. They can’t afford it. The basic minimum wage is 70,000 naira. Your salary will go in just filling a tank of fuel,” he said.
Asked about his target price, he said, “I will try and bring it to about 300 naira. I’ve told you that it sounds so outlandish, but I’ve given you the arithmetic,”
His plan would involve keeping part of Nigeria’s crude output for local use and exporting the rest.
“Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” he said.
Industry data puts Nigeria’s average crude production at 1.68 million barrels daily, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority says petrol consumption is about 60.2 million litres per day.
Duke said the plan would ease fuel costs and form part of his wider economic policy if elected in 2027.
