The presidential candidate of the Social Democratic Party, SDP, Adewole Adebayo, has promised to reduce the price of petrol to ₦200 per litre if elected president in the 2027 general election.
Adebayo made the pledge while speaking during the News Agency of Nigeria, NAN, Personality Interview Series in Abuja on Sunday.
He said his administration would target the ₦200 price within 12 months by rehabilitating Nigeria’s existing refineries and creating an enabling environment for modular refineries to operate across the country.
According to the SDP candidate, the proposed price regime would also cover cooking gas and aviation fuel, Jet A1, which he said would not exceed ₦200 per litre under his government.
Adebayo argued that Nigeria has sufficient crude oil resources and existing refining infrastructure to reduce its dependence on imported refined petroleum products.
He said his administration would focus on increasing domestic refining capacity and making better use of the country’s crude oil resources.
The SDP candidate also proposed restoring what he described as the original arrangement under which 450,000 barrels of crude oil would be allocated for domestic consumption.
He said other products derived from the crude, including naphtha, heavy fuel oil, diesel and kerosene, could be sold, with the proceeds used to support the proposed price regime.
Adebayo said an SDP government would work with the National Assembly to establish the legal and financial framework needed to implement the arrangement.
He also rejected the argument that the removal of fuel subsidies alone would resolve Nigeria’s economic and fiscal challenges, describing the debate as a “red herring.”
The presidential candidate linked his proposed reduction in fuel prices to a wider transportation plan, including improved public transportation and expanded rail services.
He argued that more affordable and accessible public transport would reduce Nigerians’ dependence on private vehicles and help lower transportation costs for households and businesses.
Adebayo’s proposal comes as the cost and availability of petroleum products remain major issues in Nigeria, with fuel prices having a direct impact on transportation, food prices and household expenses.
The proposal is a campaign commitment from the SDP candidate, with its implementation depending on the policies, funding arrangements and refining capacity of any administration that emerges after the 2027 election.
Discover more from VOICE OF THE PEOPLE
Subscribe to get the latest posts sent to your email.
