Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has promised to reduce the price of petrol to about ₦300 per litre if elected president in 2027.
Duke said the proposed reduction would be achieved by changing the pricing model for petroleum products meant for domestic consumption, arguing that Nigerians should not pay international market prices for crude oil produced in the country.
The former governor made the remarks while appearing on Channels Television’s Morning Brief on Wednesday, where he discussed the economic policies of President Bola Tinubu and outlined his alternative approach to the petroleum sector.
Duke criticised the current subsidy arrangement, describing it as unsustainable, and argued that the price of petrol for domestic consumption should be based on the actual cost of production rather than international market prices.
“The subsidy regime thing—this whole thing is a scam. I’m going to price petroleum products for local consumption at production costs, not at international market costs,” Duke said.
He argued that the cost of producing and refining petroleum for domestic consumption was significantly lower than the international benchmark currently used in pricing the product.
“I’m giving you a production cost of $45, right? The international price—that’s $45, including processing, refining, otherwise, it’s about $30, and you’re selling it back to your own people at 100 and something dollars,” he said.
According to Duke, the high cost of petrol has worsened economic hardship across the country, particularly for workers and low-income households whose incomes are increasingly consumed by transportation and energy costs.
“You don’t want them to breathe, and your people are notably the poorest in the world. They can’t afford it. The basic minimum wage is ₦70,000. Your salary will go in just filling a tank of fuel,” he said.
Asked how much Nigerians could expect to pay for petrol if he became president, Duke said his administration would target a pump price of about ₦300 per litre.
“I will try and bring it to about ₦300. I’ve told you that it sounds so outlandish, but I’ve given you the arithmetic,” he said.
Duke said the proposed pricing model would be supported by dedicating a portion of the country’s crude oil production to meeting domestic demand, while the remainder could be sold on the international market.
“Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” he said.
He said the arrangement would allow Nigerians to benefit more directly from the country’s crude oil resources while reducing the exposure of domestic petrol prices to fluctuations in the international market.
