Former Cross River State Governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has pledged to reduce the price of petrol to about ₦300 per litre if elected president in 2027.
Speaking on Channels Television’s Morning Brief programme, Duke criticized the current pricing model, describing Nigeria’s subsidy regime as “a scam.”
He argued that petroleum products for local consumption should be priced based on production costs rather than international market rates.
“The production cost is about $45 per barrel, including refining. Yet Nigerians are forced to pay prices pegged to international benchmarks, which is unfair,” he said.
Duke noted that high fuel costs were worsening economic hardship, especially for low-income earners.
“The minimum wage is ₦70,000, and filling a tank of fuel consumes nearly an entire salary. Nigerians are among the poorest globally, and this policy suffocates them,” he added.
Outlining his plan, Duke said he would allocate part of Nigeria’s crude oil output for domestic use while selling the remainder internationally.
“If Nigeria consumes 600,000 barrels daily, allocate that internally and sell the other one million barrels abroad,” he explained.
Industry data shows Nigeria produces an average of 1.68 million barrels of crude oil per day, while the country consumes about 60.2 million litres of petrol daily.
Duke believes his pricing model would ease the burden on citizens and form a key pillar of his broader economic agenda.
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