Former Cross River State governor and Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has promised to reduce the price of petrol to about ₦300 per litre if elected president in 2027. He stated that this would be achieved by changing how petroleum products for domestic consumption are priced, rather than returning to the opaque subsidy regime of the past. Duke made these remarks during an interview on Channels Television’s The Morning Brief.
Duke dismissed the traditional subsidy arrangement as unsustainable, arguing that Nigeria, as an oil-producing country, should use part of its crude production to meet domestic energy needs at a lower cost. He proposed pricing petroleum products for local consumption at production cost, not at the international market price. According to Duke, the cost of producing and refining crude for domestic consumption is substantially lower than the international benchmark used to determine the price Nigerians pay.
Duke stated that the present pricing structure is particularly burdensome for low-income Nigerians, whose earnings are increasingly consumed by transportation and energy costs. He noted that with a basic minimum wage of ₦70,000, Nigerians cannot afford the current fuel prices. Duke's proposal seeks to insulate the domestic market from the full impact of international crude oil prices by treating some of Nigeria's crude as a strategic domestic resource.
Duke's target is to bring the petrol price to about ₦300 per litre, which he believes is achievable by allocating a portion of Nigeria's crude oil production specifically for domestic consumption, while exporting the remainder. He suggested allocating 600,000 barrels daily for domestic consumption and selling the remaining one million barrels. This approach aims to reduce the impact of international market prices on domestic fuel costs.
The PRP candidate also connected Nigeria's worsening insecurity to economic pressures, arguing that the country's population has grown substantially, while the real value of government spending has failed to keep pace. Duke stated that economic pressure is contributing to banditry, kidnapping, and other crimes, describing the situation as symptoms of a collapsed economy.
Duke called for a debate among presidential candidates ahead of the 2027 election, saying Nigerians should be able to compare the candidates' economic ideas directly. He desires a robust debate where all candidates can speak, focusing on instrumental economic thinking. Duke's proposal has brought the subsidy debate back to the centre of the 2027 presidential contest.
Duke's central argument is that Nigerians should not have to pay an international-market price for a resource produced in their own country. The feasibility of his proposal, including the actual cost of producing and refining crude, the volume available for domestic consumption, and the fiscal implications, is likely to become a major issue as the 2027 campaign progresses. Other candidates, including Atiku Abubakar, Peter Obi, and Adewole Adebayo, have proposed different approaches to addressing fuel prices and subsidies.
Key points
- Donald Duke proposes reducing petrol price to ₦300 per litre by pricing crude at production cost for domestic consumption.
- Duke's approach differs from other 2027 presidential candidates, including Atiku Abubakar, Peter Obi, and Adewole Adebayo.
- The feasibility of Duke's proposal, including production costs and fiscal implications, is likely to become a major issue in the 2027 campaign.
