Former Cross River State Governor and presidential candidate of the Peoples Redemption Party (PRP) for the 2027 election, Donald Duke, has stated that the price on petroleum products for local consumption should be based on production costs rather than international market prices.
Duke vowed to reduce the price of petrol to ₦300 if elected president in 2027, adding that the fuel subsidy regime is a scam.
NEWSNGR reports that the PRP flag bearer made the pledge in an interview on Channels Television’s Morning Brief on Monday.
He said, “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.
“I’m giving you a production cost of $45, right? The international price, that’s $45, including processing, refining, otherwise, it’s about $30, and you’re selling it back to your own people at 100 and something dollars.”
Duke said high petrol prices were putting 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 70,000 naira. Your salary will go in just filling a tank of fuel,” he said.
Asked what he considered a realistic petrol price under his presidency, Duke said he would target about ₦300 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.
Duke explained that his plan would involve allocating part of Nigeria’s crude oil production for domestic consumption while selling the remainder internationally.
“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.
