The presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has made a bold promise to Nigerians, saying his administration would reduce the prices of petrol, cooking gas and aviation fuel (Jet A1) to ₦200 per litre if he is elected president in 2027.
Adebayo made the promise while speaking during the News Agency of Nigeria (NAN) Personality Interview Series in Abuja on Sunday.
According to him, the proposed price reduction could be achieved within 12 months by reviving Nigeria’s existing refineries and creating the right environment for modular refineries to operate effectively.
He argued that Nigeria’s old refineries should not be written off, noting that some ageing refineries in the United States are still operating successfully. Rather than depending heavily on imported refined petroleum products, he said Nigeria should focus on maximising its own crude oil resources and refining capacity.
“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,” Adebayo said.
He also proposed bringing back what he described as the original subsidy arrangement, under which 450,000 barrels of crude oil were allocated for domestic consumption. He explained that other products derived from the crude, including naphtha, heavy fuel oil, diesel and kerosene, could be sold, with the revenue used to support the proposed price regime.
Adebayo said an SDP government would also work with the National Assembly to establish a system that would allow revenue from other petroleum products to help keep petrol, cooking gas and Jet A1 prices at the proposed level.
The SDP candidate further dismissed the argument that removing fuel subsidies on its own would resolve Nigeria’s economic and fiscal problems, describing the debate as a “red herring.”
He linked his proposed fuel price reduction to a broader plan to improve public transportation and expand rail services across the country. According to him, better and more affordable public transport would reduce Nigerians’ dependence on private vehicles and, in turn, lower the impact of transportation costs on households and businesses.
Adebayo maintained that Nigeria has the crude oil resources and infrastructure needed to produce more refined petroleum products locally, arguing that the country should take advantage of these resources instead of continuing to purchase refined products at international prices.
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