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 stated this while appearing on Channels Television’s Morning Brief, where he discussed the economic policies of President Bola Tinubu and outlined his alternative approach to the petroleum sector. He criticised the current subsidy framework, describing it as unsustainable.
Duke argued that the cost of producing and refining petroleum for domestic consumption was significantly lower than the international benchmark used in pricing the product. He said the government should base the price of petrol on the actual cost of production, not international market costs. According to Duke, the high cost of petrol has worsened the economic hardship facing Nigerians, particularly workers and low-income households.
Duke said his proposed reduction would be achieved by changing the way petroleum products meant for domestic consumption are priced. He proposed dedicating a portion of the country’s crude oil production to meeting domestic demand, while the balance could be sold on the international market. This, he said, would ensure that Nigerians benefit directly from the country’s crude oil resources.
The former governor stated that he would target a price of about N300 per litre, adding that the policy would be supported by allocating 600,000 barrels of crude oil daily to meet domestic demand. He said this was a more sustainable approach than the current subsidy regime, which he described as a scam. Duke’s proposal has sparked debate on the viability of his plan.
Duke’s criticism of the current subsidy framework was sharp, as he argued that it was unsustainable and only benefited a few individuals. He said the government should focus on making the petroleum sector more efficient, rather than relying on subsidies to control prices. This approach, he said, would have a more lasting impact on the economy.
According to Duke, the basic minimum wage in Nigeria is 70,000 naira, and workers’ salaries are increasingly consumed by transportation and energy costs. He argued that the high cost of petrol has worsened economic hardship, particularly for low-income households. Duke’s proposal aims to address this challenge by reducing the cost of petrol.
Duke’s plan to reduce petrol prices has sparked interest among Nigerians, who are eager to see a reduction in the cost of living. The proposal is part of his broader economic policy, which aims to make Nigeria more self-sufficient in the petroleum sector. The implementation of Duke’s plan would depend on various factors, including the outcome of the 2027 presidential election.
Key points
- Donald Duke promises to reduce petrol price to N300 per litre if elected president in 2027.
