The Peoples Redemption Party (PRP) Presidential Candidate, Donald Duke, has pledged to reduce the price of petrol to about N300 per litre if elected president. He stated this during an appearance on Channels Television, outlining his plan to change the basis for pricing petroleum products for domestic consumption from international market rates to local production costs. Duke, a former governor of Cross River State, criticized the current approach to petroleum pricing.
Duke proposed that the government reserve a portion of Nigeria's crude oil production for domestic consumption and sell the balance internationally. He suggested allocating 600,000 barrels of crude oil daily for domestic consumption, depending on the country's requirements, and selling the remaining production on the international market. According to Duke, the production cost he is working with is about $45 per barrel, including processing and refining.
The former governor argued that the high cost of petrol is worsening economic pressure on Nigerians, particularly low-income earners. He stated that the basic minimum wage is 70,000 naira and that filling a tank of fuel would take a significant portion of a person's salary. Duke's proposal comes amid renewed pressure over petrol prices following increases in global crude oil prices and their impact on Nigeria's domestic fuel market.
Recent reports indicate that petrol prices have risen to about N1,400 per litre in Lagos and Abuja, and as high as N1,500 in some northern markets. Despite increased domestic refining capacity, particularly with the Dangote Petroleum Refinery, the pricing debate persists. In July, the refinery shifted its petrol pricing to US dollars, citing difficulties in securing sufficient Nigerian crude under the naira-for-crude arrangement and rising global oil prices.
Industry data show that domestic petrol demand has fluctuated significantly amid higher pump prices. The NMDPRA reported average daily petrol consumption at 60.2 million litres in January 2026, before falling to 47.4 million litres in June. Duke's proposed lower-cost fuel regime would form part of a broader economic strategy aimed at reducing transportation and production costs and improving Nigerians' ability to participate in economic activity.
Duke's proposal is not the only approach to reducing fuel costs in the 2027 presidential race. Other candidates have offered different solutions. Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate, has promised to bring petrol down to N200 per litre within 12 months if elected, through reviving Nigeria's existing refineries and encouraging modular refineries.
The Allied Peoples Movement (APM) presidential candidate, Seyi Makinde, has rejected a return to the old petrol subsidy regime but proposed cheaper domestic crude for Nigerian refineries. Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, has promised to restore petrol subsidy if elected president, citing insufficient improvement in living conditions following its removal.
Key points
- Donald Duke proposes reducing petrol price to N300 per litre based on local production costs.
- Duke suggests allocating 600,000 barrels of crude oil daily for domestic consumption.
- The proposal aims to reduce economic pressure on Nigerians, particularly low-income earners.
