2027: I’ll Reduce Petrol Price to N300 Per Litre — Donald Duke

Former Cross River State Governor and presidential candidate of the Peoples Redemption Party (PRP) for the 2027 election, Donald Duke, has said he would reduce the price of petrol to about N300 per litre if elected president.

 

Duke made the promise during an interview on Channels Television’s Morning Brief on Monday while discussing President Bola Tinubu’s economic policies and his proposed approach to the petroleum sector.

 

The former governor said petrol for domestic consumption should be priced based on production costs 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 petrol was significantly lower than the international market price at which it was being sold to Nigerians.

 

Duke expressed concern that high petrol prices were placing additional pressure on Nigerians, particularly low-income earners.

 

“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 N70,000. Your salary will go in just filling a tank of fuel,” he said.

 

Asked about the petrol price he considered realistic under his proposed administration, Duke said he would target about N300 per litre.

 

“I will try and bring it to about N300. I’ve told you that it sounds so outlandish, but I’ve given you the arithmetic,” he said.

 

Duke explained that his proposal would involve allocating a portion of Nigeria’s crude oil production for domestic consumption while selling the remainder 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.

 

Nigeria currently produces an average of about 1.68 million barrels of crude oil per day, according to available industry data, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority puts the country’s petrol consumption at about 60.2 million litres daily.

 

Duke said his proposed pricing model would reduce the burden of fuel costs on Nigerians and form part of his broader economic plan if elected president in 2027.