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 the 2027 general election.
Duke made the pledge during an interview on Channels Television’s Morning Brief on Monday, where he criticised aspects of President Bola Tinubu‘s economic policies and outlined his proposed approach to Nigeria’s petroleum sector.
The former governor argued that petrol produced for domestic consumption should be priced according to the cost of production rather than international market prices.
“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 argued that the cost of producing and refining crude oil could be considerably lower than the international price at which petroleum products are sold.
“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 said the high cost of petrol had placed additional financial pressure on Nigerians, particularly low-income earners.
“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.
Asked what he considered a realistic price for petrol 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.
Duke said his proposed model would involve allocating part of Nigeria’s crude oil production for domestic consumption while selling the remainder 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 explained.
Available industry data cited in the report indicates that Nigeria produces an average of about 1.68 million barrels of crude oil per day, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has put daily petrol consumption at approximately 60.2 million litres.
Duke said reducing the cost of petrol would ease the financial burden on Nigerians and form a key part of his wider economic programme should he win the 2027 presidential election.
