Donald Duke pledges to cut petrol to about N300 per litre if elected president

Former Cross River State governor and Peoples Redemption Party (PRP) presidential hopeful Donald Duke told Channels Television’s Morning Brief on Monday that, if elected president in 2027, he would seek to reduce the domestic price of petrol to about N300 per litre.

Duke criticised the current subsidy framework and said domestic petrol should be priced on production costs rather than international market rates. “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 said.

He illustrated his point with what he described as production-cost arithmetic: “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 argued that high fuel prices are worsening the economic strain on Nigerians, especially low-income workers. “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.

When asked what he considered a realistic retail petrol price under his administration, Duke reiterated his target: “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.”

Outline of Duke’s proposal

Domestic allocation: Set aside a portion of Nigeria’s crude production for local consumption to supply the domestic market at production cost.

Export remaining output: Sell the balance of crude on the international market to fund other needs.

Example given: “Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” Duke said.

Context and figures

Nigeria’s average crude production: about 1.68 million barrels per day (industry data).

Domestic petrol consumption: roughly 60.2 million litres per day, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Duke said his pricing model would form part of a broader economic agenda to relieve Nigerians of the heavy burden of fuel costs ahead of the 2027 presidential election.

(source- vanguard news)