Donald Duke, the presidential candidate of the Peoples Redemption Party, has promised to bring the price of petrol down to roughly N300 per litre if he is elected president in 2027.
Duke explained that this proposed reduction would come from altering how petroleum products intended for domestic use are priced, contending that Nigerians ought not to be forced to pay international market rates for crude produced locally.
The former governor made this statement during an appearance on Channels Television’s Morning Brief on Wednesday, where he talked about the economic policies of President Bola Tinubu and laid out his own alternative plan for the petroleum sector.
Duke faulted the existing subsidy arrangement, calling it unsustainable, and argued that the government should set the price of petrol according to the true cost of production.
“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 stated that the cost of producing and refining petroleum for domestic consumption was significantly lower than the international benchmark used in pricing the product.
“I’m giving you a production cost of $45, right? The international price—that’s $45, including processing and refining; otherwise, it’s about $30, and you’re selling it back to your own people at 100 and something dollars,” he added.
As stated by Duke, the steep price of petrol has intensified the economic struggles Nigerians are facing, especially workers and low-income families, whose incomes are being swallowed up more and more by transport and energy expenses.
“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.
When asked how much Nigerians could expect to pay for petrol if he became president, Duke said his administration would target a price of about N300 per liter.
“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,” he said.
Duke stated that the policy would be supported by dedicating a portion of the country’s crude oil production to meeting domestic demand, while the balance could be sold on the international market.
“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.
He stated that the proposed arrangement would guarantee Nigerians directly benefit from the nation’s crude oil resources while also making domestic petrol prices less vulnerable to swings in the international market.
