Former Cross River State Governor and candidate for the Peoples Redemption Party, Donald Duke, has promised to lower the price of petrol to about N300 per litre if he becomes president in 2027.
Duke said he would achieve this by changing how prices for petroleum products meant for local use are set. He believes Nigerians should not pay international prices for crude oil that is produced locally.
He made these comments during an interview on Channels Television’s Morning Brief on Wednesday. He talked about President Bola Tinubu’s economic policies and shared his own plans for the petroleum sector.
Duke criticised the current subsidy system. He called it unsustainable and said petrol prices should reflect the real cost of producing the fuel.
"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 stated.
He explained that the cost of producing and refining petrol for local use is much lower than the international prices currently used.
"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," he added.
Duke pointed out that the high petrol prices have made life harder for Nigerians. Workers and low-income families are struggling because their earnings go mostly to transportation and energy costs.
"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 petrol would cost if he became president, Duke said he aims to set the price at 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 explained.
Duke added that his plan would involve dedicating part of the country’s crude oil production to meet local demand. The rest could be sold overseas.
"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 believes this approach would help Nigerians directly benefit from the country’s oil resources while also reducing the impact of international price changes on local petrol prices.
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