Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has promised to reduce the price of petrol to about N300 per litre if elected president in 2027.
Duke made the pledge on Wednesday during an appearance on Channels Television’s Morning Brief, where he criticised the current petroleum pricing structure and outlined an alternative model based on domestic production costs.
He argued that Nigerians should not be made to pay international market prices for fuel refined from crude oil produced locally.
“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 and refining crude for local consumption is substantially lower than the international benchmark currently influencing domestic fuel prices.
He said an administration led by him would dedicate part of Nigeria’s crude oil production to local consumption while exporting the balance.
“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.
Duke maintained that the policy could bring petrol prices down to about 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.
The former governor also criticised the impact of high fuel prices on workers and low-income households, arguing that transportation and energy costs were consuming a growing share of household income.
He said the current N70,000 minimum wage was increasingly inadequate in the face of rising petrol prices and other living costs.
Duke’s proposal adds fuel pricing to the growing list of economic issues expected to dominate debate ahead of the 2027 presidential election.
