Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has promised to drive down the price of petrol to about N300 per litre if elected president in 2027.
Duke said his proposed reduction would be achieved by changing the way petroleum products meant for domestic consumption are priced, arguing that Nigerians should not be made to bear international market prices for locally produced crude.
The former governor stated this while appearing on Channels Television’s Morning Brief on Wednesday, where he discussed the economic policies of President Bola Tinubu and outlined his alternative approach to the petroleum sector.
Duke criticised the current subsidy framework, describing it as unsustainable, and said the government should base the price of petrol on the actual cost of production.
“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 petroleum for domestic consumption was significantly lower than the international benchmark used in pricing the product.
“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.
“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 how much Nigerians could expect to pay for petrol if he became president, Duke said his administration would target 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 policy would be supported by dedicating a portion of the country’s crude oil production to meeting domestic demand, while the balance could be sold 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 said.
He said the proposed arrangement would ensure that Nigerians benefit directly from the country’s crude oil resources while reducing the exposure of domestic petrol prices to fluctuations in the international market.
