Former Cross River State Governor and Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has promised to reduce the price of petrol to about N300 per litre if elected president in 2027.
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Duke made the pledge during an interview on Channels Television’s Morning Brief on Monday, where he discussed President Bola Tinubu’s economic policies and outlined his proposed approach to managing Nigeria’s petroleum sector.
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The former governor argued that petrol prices for domestic consumers should be based on the cost of production, including refining, rather than prevailing international market prices.
He criticised the current pricing arrangement, questioning why Nigerians should pay prices linked to international crude oil costs when the country produces crude oil locally.
Duke maintained that the cost of producing and refining petroleum products should determine the price charged to Nigerians, rather than using international market rates as the main basis for local pricing.
He also expressed concern about the impact of high petrol prices on households, particularly low-income earners, saying the cost of transportation and other basic needs had placed additional pressure on Nigerians.
According to him, the current minimum wage of N70,000 makes it difficult for many workers to cope with the cost of purchasing petrol, especially those who depend on private vehicles for transportation.
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When asked what price Nigerians could expect under his proposed administration, Duke said he would work towards bringing the cost of petrol down to approximately N300 per litre. He acknowledged that the target might appear unrealistic but maintained that his proposed production-cost pricing model could make it achievable.
Duke explained that his plan would involve setting aside a portion of Nigeria’s daily crude oil production to meet domestic demand, while selling the remaining volume on the international market.
He proposed allocating about 600,000 barrels of crude oil daily for local consumption, depending on domestic requirements, and selling the balance abroad.
The former governor said the approach would form part of his wider economic plan to reduce the burden of fuel costs on Nigerians if he wins the 2027 presidential election.
Available industry data cited in the report put Nigeria’s average crude oil production at 1.68 million barrels per day, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority estimated daily petrol consumption at about 60.2 million litres.
Duke’s proposal comes amid continuing public debate over petrol pricing, the removal of fuel subsidies and the cost-of-living pressures facing households and businesses.
His proposed N300-per-litre target would depend on the implementation of his suggested crude allocation and pricing arrangements, as well as the costs associated with refining and distributing petroleum products.
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