Former Cross River State Governor and presidential candidate of the Peoples Redemption Party, PRP, Donald Duke, has promised to work towards bringing the price of petrol down to about N300 per litre if he is elected president in 2027.
Duke made the statement on Wednesday during an interview on Channels Television’s Morning Brief, where he spoke about the economy, petrol pricing and how he intends to manage Nigeria’s petroleum resources differently.
The former governor said petrol meant for Nigerians should not necessarily be priced based on the international market price of crude oil, arguing that Nigeria should take advantage of its own crude oil to make energy more affordable for citizens.
According to him, his plan would be to price petroleum products meant for local consumption based on the actual cost of production rather than international market prices.
“I’ll try and bring it to about N300,” Duke said when asked what Nigerians could expect to pay for petrol under his administration.
He also explained that the proposal would involve setting aside part of Nigeria’s crude oil production for domestic consumption while the remaining crude could be sold internationally.
Duke suggested that about 600,000 barrels could be allocated for local consumption if that amount is what the country needs daily, while the balance could continue to generate foreign exchange from the international market.
The PRP candidate argued that this approach would help reduce the pressure that high petrol prices are currently putting on ordinary Nigerians and businesses.
He said fuel is a major part of the Nigerian economy because it affects transportation, movement of goods and services, farming, small businesses and the general cost of living.
Duke has previously argued that Nigeria should sell crude meant for domestic refining at its production cost rather than at the international market price. In an earlier interview, he said such an arrangement could make petrol sell for between N200 and N300 per litre after taking into account refining, distribution and other costs.
He has also criticised the way the petrol subsidy debate has been handled in Nigeria, insisting that the country should look at its own circumstances as an oil-producing nation instead of simply following prescriptions from international financial institutions.
Duke's latest promise comes as the 2027 presidential race begins to gather momentum, with the cost of petrol and the wider hardship facing Nigerians expected to remain major issues in the election campaign.
The former Cross River governor is presenting affordable energy as part of his wider economic plan, arguing that government should create conditions that allow Nigerians to work, move their goods and run their businesses without excessive energy costs.
His N300-per-litre promise is likely to attract attention among Nigerians, particularly workers, transport operators, farmers and small business owners who have been heavily affected by rising fuel and transportation costs.
Duke is seeking to lead the country under the PRP in the 2027 presidential election.
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