Donald Duke, the Peoples Redemption Party (PRP) presidential candidate and former governor of Cross River State, has announced his plan to reduce the pump price of fuel to ₦300 per litre if elected in the 2027 presidential election. In an interview on Channels Television's The Morning Brief, Duke outlined his vision for the country's fuel pricing policy. He emphasized that his goal is to make fuel affordable for Nigerians, who are currently facing high prices due to the removal of subsidy by President Tinubu.
Duke's proposal involves allocating 600,000 barrels of fuel for local consumption and selling the remaining 1,000,000 barrels at a higher price. He described the current subsidy regime as a "scam" and vowed to price petroleum products at production cost, rather than at international market prices. According to Duke, the production cost of fuel is around $45, including processing and refining, which is significantly lower than the current international price.
The PRP presidential candidate criticized the current fuel pricing system, stating that it is unfair to sell fuel to Nigerians at $100 and more, while the country's citizens are among the poorest in the world. He argued that the basic minimum wage of ₦70,000 would barely cover the cost of filling a fuel tank, highlighting the need for a more equitable pricing system.
Duke also emphasized his commitment to productivity and creating a safe and orderly environment. He stated that he would not inherit President Bola Tinubu's policies if elected, instead opting for a new approach that prioritizes the needs of Nigerians. The PRP presidential candidate's comments come amid widespread concerns about the impact of fuel price hikes on the country's economy and citizens.
The removal of subsidy by President Tinubu has led to a significant increase in fuel prices, affecting various sectors of the economy. Duke's proposal to reduce fuel prices has sparked interest among Nigerians, who are eager to see a reduction in the cost of living. The PRP presidential candidate's plan has also raised questions about the feasibility of implementing such a policy and its potential impact on the country's economy.
Duke's vision for Nigeria's fuel sector is centered on making fuel affordable and accessible to all citizens. He believes that by pricing fuel at production cost, the country can reduce the burden on its citizens and stimulate economic growth. The PRP presidential candidate's comments have generated debate among Nigerians, with some welcoming his proposal and others expressing skepticism about its implementation.
As the 2027 presidential election approaches, Duke's proposal to reduce fuel prices is likely to be a key issue in the campaign. The PRP presidential candidate's commitment to making fuel affordable for Nigerians has resonated with many citizens, who are eager to see a change in the country's economic fortunes. The feasibility of Duke's plan and its potential impact on the economy will likely be closely watched in the coming months.
Key points
- Donald Duke plans to reduce fuel price to ₦300 per litre if elected president.
- Duke criticizes the current subsidy regime as a "scam" and vows to price fuel at production cost.
- The PRP presidential candidate's proposal has sparked debate among Nigerians about its feasibility and potential impact on the economy.
