The presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has promised to reduce the pump price of petrol to about ₦300 per litre if elected president in 2027.
Duke made the promise during an interview on Channels Television’s The Morning Brief, where he outlined how his administration would approach fuel pricing differently from President Bola Tinubu’s government.
The former Cross River State governor said petroleum products meant for local consumption should be priced based on the cost of production rather than the international market price.
“I will try and bring it to about ₦300. It sounds so outlandish, but I have given you the arithmetic because if you allocate 600,000 barrels, if that is what is consumed daily, allocate that to yourself; the other 1,000,000 you can sell,” Duke said.
He said his administration would not simply inherit Tinubu’s economic policies if elected.
“I won’t inherit his policies; you know, for me, productivity is everything, as I said, within a safe and orderly environment,” he said.
Duke also criticised the current approach to fuel subsidy, describing it as a “sc@m” and proposing that petrol for Nigerians be priced according to production costs.
“The subsidy regime thing, this whole sc@m…I’m going to price petroleum products for local consumption at production cost, not at the international market because that’s so far rigid,” he said.
He argued that Nigeria could allocate part of its crude production for domestic use while selling the remainder internationally.
Duke further said the current cost of petrol was placing excessive pressure on Nigerians, particularly workers earning the minimum wage.
“The basic minimum wage is 70,000; will your salary go in just filling a tank of fuel or some fuel? So, we have got to look at it,” he said.
