Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has promised to reduce the price of petrol to about N300 per litre if elected president in 2027.
Duke made the promise during an interview on Channels Television’s Morning Brief, where he discussed President Bola Tinubu’s economic policies and his proposed approach to Nigeria’s petroleum sector.
The former governor said petrol for local consumption should be priced based on production costs rather than international market prices.
He described the current subsidy system as a “scam” and said his administration would allocate part of Nigeria’s crude oil production for domestic use.
“I’m going to price petroleum products for local consumption at production costs, not at international market costs,” Duke said.
According to him, Nigeria could set aside about 600,000 barrels of crude oil daily for domestic consumption and sell the remaining production internationally.
Duke said the plan would help reduce the pressure of high petrol prices on Nigerians, particularly low-income earners.
He argued that the current fuel price was too high for many Nigerians, noting that the minimum wage of N70,000 could be largely spent on filling a vehicle’s fuel tank.
Asked what petrol would cost under his proposed administration, Duke said he would target about N300 per litre.
“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.
Nigeria currently produces an average of 1.68 million barrels of crude oil per day, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority estimates daily petrol consumption at about 60.2 million litres.
Duke said his proposed pricing model would form part of his broader economic plan if elected president in 2027.
