2027: Duke vows to reduce petrol price to ₦300 per litre if elected president

Donald Duke, the Peoples Redemption Party's presidential candidate, has pledged to lower the price of petrol to approximately N300 per litre if elected as president. This proposition stems from a shift in how the cost of petroleum products for domestic use is priced. Instead of basing the cost on international market rates, Duke suggests pricing domestic petrol based on the local production cost.

During an interview on Channels Television, he criticized the current subsidies system, stating that he plans to price domestic petrol products at their production costs, not the international market costs.

According to Duke, the cost to produce a barrel of oil, including processing and refining, is roughly $45. However, without these additional processes, the cost could be around $30. He firmly believes that the government should retain a portion of the country's crude oil production for domestic use and sell the remainder internationally.

Duke mentioned a production cost of $45, and claimed that the international price is around $45, including processing and refining, while the cost to consumers is artificially inflated to around $100.

When asked about a realistic pump price under his administration, Duke reiterated his target of N300 per litre. He firmly believes that this pricing strategy will alleviate economic burdens, particularly on low-income earners. He expressed concern over how high petrol prices are contributing to the economic pressure felt by Nigerians, especially considering that the country's basic minimum wage is only 70,000 naira, making it difficult for citizens to afford the basic necessities.

Duke's proposal involves reserving around 600,000 barrels of crude oil daily for domestic use, with the rest being sold on the international market.