By Opeyemi Adelakun
Former Cross River State Governor and Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has pledged to work towards reducing petrol prices to about N300 per litre if elected president in 2027.
Duke made the promise during an appearance on Channels Television’s Morning Brief, where he outlined his proposed approach to the petroleum sector and criticised the current fuel pricing system.
He argued that petroleum products meant for domestic consumption should be priced according to production costs rather than international market rates.
“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,” he said.
Duke estimated the cost of producing and refining petroleum at about $45 per barrel, arguing that Nigerians should not pay prices tied to international benchmarks for products meant for local consumption.
He also criticised the impact of high petrol prices on households, particularly low-income earners, saying fuel expenses were placing additional pressure on workers.
“The basic minimum wage is 70,000 naira. Your salary will go in just filling a tank of fuel,” he said.
Asked how much petrol could cost under his proposed administration, Duke said he would aim for a price of 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.
Duke said the plan would involve allocating part of Nigeria’s crude oil production to meet domestic demand while selling the remaining output internationally.
“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.
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