2027: I’ll reduce petrol price to N300 per litre if elected, says Duke

Former Cross River State Governor and presidential candidate for the Peoples Redemption Party, Donald Duke, has announced his intention to lower petrol prices to around N300 per litre if elected as president in 2027. Duke claims this can be achieved by altering the pricing structure for petroleum products intended for domestic consumption, arguing that the Nigerian populace should not have to pay international market rates for locally produced crude oil.

Speaking on Channels Television’s Morning Brief, Duke highlighted the economic policies of President Bola Tinubu and outlined his alternative approach to the petroleum sector, criticizing the current subsidy framework as unsustainable. He emphasized that the government should base petrol prices on actual production costs rather than international market prices.

Duke stated, “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.” He also noted that the high cost of petrol has exacerbated economic hardship among Nigerians, particularly low-income workers and households, citing the basic minimum wage of 70,000 naira and the significant portion of their earnings that is consumed by fuel.

Duke proposed allocating a portion of crude oil production to meet domestic demand while selling the remainder on the international market, aiming to bring the price of petrol down to about N300 per litre.