Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has pledged to reduce the price of petrol to about N300 per litre if elected president in the 2027 election.
Duke said his proposed reduction would be achieved by changing the pricing model for petroleum products meant for domestic consumption. He argued that Nigerians should not be charged international market prices for crude oil produced within the country.
The former governor made the promise while appearing on Channels Television’s Morning Brief on Wednesday, where he discussed the economic policies of President Bola Tinubu and presented his alternative plans for the petroleum sector.
Duke criticised the existing subsidy arrangement, describing it as unsustainable, and argued that the government should determine the price of petrol based on the actual cost of producing and refining the product for local consumption.
“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.
According to him, the cost of producing petroleum for domestic use is considerably lower than the international benchmark currently used as a reference for pricing.
“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 added.
Duke said the high cost of petrol had contributed to the financial pressure on Nigerians, particularly workers and low-income households whose incomes are increasingly affected by transportation and energy expenses.
“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 naira. Your salary will go in just filling a tank of fuel,” he said.
When asked what Nigerians should expect to pay for petrol under his administration, Duke said his target would be around N300 per litre.
“I will try and bring it to about 300 naira. I’ve told you that it sounds so outlandish, but I’ve given you the arithmetic,” he said.
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He explained that his proposed pricing policy would be backed by allocating part of Nigeria’s crude oil production specifically for domestic consumption.
Duke said the country could set aside enough crude to meet local demand while selling the remaining production internationally.
“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 maintained that such an arrangement would allow Nigerians to benefit more directly from the country’s crude oil resources and reduce the impact of fluctuations in international oil prices on the domestic cost of petrol.