Former Cross River State governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has promised to slash the retail price of petrol to about ₦300 per litre if elected president in the 2027 general elections. He made this pledge during an appearance on Channels Television’s The Morning Brief. Duke strongly criticized President Bola Tinubu’s economic reforms, arguing that current fuel prices above ₦1,000 per litre are placing an intolerable burden on ordinary Nigerians.
Duke rejects the classic fuel subsidy regime, describing it as a "scam." Instead, he proposes a production-cost pricing model for domestic crude. According to his plan, Nigeria should allocate approximately 600,000 barrels of crude oil daily—the estimated volume needed for national consumption—directly to domestic refineries at the base cost of production. This approach would allow local pump prices to settle around ₦300 per litre.
Under Duke's proposal, refining and distribution overheads would be added alongside a modest 5% to 10% profit margin. The balance of Nigeria’s daily crude output (over 1 million barrels) would then be exported at prevailing international prices to generate foreign exchange and federal revenue. Duke emphasized that achieving a ₦300 per litre pump price would not require a return to the historic fuel subsidy regime.
Duke linked current petrol costs exceeding ₦1,000 per litre to rising poverty, insecurity, and crime. He argued that citizens earning a ₦70,000 minimum wage cannot afford current fuel prices. With a national minimum wage of ₦70,000, it is mathematically unsustainable for citizens to spend the bulk of their monthly earnings simply filling a fuel tank.
The former governor called on other 2027 presidential contenders to engage in public policy debates to defend their economic strategies and present concrete solutions to Nigeria's fuel crisis. He cautioned that high energy costs directly contribute to rising poverty, banditry, and insecurity across the nation.
Duke's proposal involves ring-fencing 600,000 barrels per day of Nigeria's crude production for local refining and selling the remaining crude on the global market at commercial rates. This approach aims to reduce the retail pump price of petrol to approximately ₦300 per litre.
Addressing the broader socio-economic conditions in the country, Duke emphasized the need for a fundamental shift in how crude oil for domestic consumption is priced. He insisted that achieving a ₦300 per litre pump price would be a significant relief for Nigerians, particularly those struggling with the current economic situation.
Key points
- Donald Duke proposes a production-cost pricing model for domestic crude to reduce petrol prices to ₦300 per litre.
- Duke's plan involves allocating 600,000 barrels of crude oil daily to domestic refineries at the base cost of production.
- The former governor rejects the classic fuel subsidy regime, describing it as a "scam."
