Former Cross River State Governor Donald Duke, the Peoples Redemption Party (PRP) presidential candidate, has vowed to reduce the price of Premium Motor Spirit (PMS), commonly known as petrol, to N300 per litre if elected in 2027. Duke made this pledge during an appearance on Channels Television’s Morning Brief. He criticized the current economic policies of President Bola Tinubu and proposed an alternative framework for the petroleum sector.
Duke argued that the current pricing model is unfair, as it exposes citizens to international crude benchmarks despite Nigeria’s domestic production capacity. He described the current subsidy structure as a “scam” and advocated for pricing petroleum products based on local production and refining costs. According to Duke, the total production and refining costs are around $45 per barrel, making it unreasonable to sell fuel at international rates exceeding $100.
The former governor emphasized that high energy prices have worsened economic hardship, leaving low-income earners struggling to survive. With the current national minimum wage of N70,000, Duke noted that an entire month’s salary could be consumed by filling a vehicle’s fuel tank. He stressed the need for a more equitable pricing system that considers the welfare of Nigerians.
To achieve the targeted N300 per litre price point, Duke proposed allocating a portion of the country’s daily crude output exclusively for domestic use. He suggested allocating 600,000 barrels daily for domestic consumption and selling the remaining one million barrels. This strategy, he argued, would insulate domestic consumers from global price volatility while leveraging Nigeria’s natural resources for public benefit.
Duke’s proposal aims to address the economic hardship faced by Nigerians due to high fuel prices. By pricing petroleum products based on local production and refining costs, Duke believes that the government can provide relief to citizens. His plan also seeks to promote a more transparent and accountable petroleum sector.
The PRP presidential candidate’s pledge has sparked interest among Nigerians, who are eager to see a reduction in fuel prices. Duke’s proposal has also generated debate among stakeholders, with some welcoming his idea and others expressing concerns about its feasibility. As the 2027 presidential election approaches, Duke’s campaign is expected to focus on his economic policies, including his plan to reduce fuel prices.
The implementation of Duke’s proposal would require significant changes to the current petroleum sector framework. However, if successful, it could lead to a reduction in fuel prices and provide relief to Nigerians. The government would need to engage with various stakeholders, including oil producers and marketers, to ensure a smooth transition to the new pricing system.
Key points
- Former Governor Donald Duke proposes to reduce petrol price to N300 per litre if elected president in 2027.
- Duke advocates for pricing petroleum products based on local production and refining costs.
- The proposed pricing system aims to provide relief to Nigerians and promote a more transparent petroleum sector.
