Peoples Redemption Party (PRP) presidential candidate Donald Duke has promised to reduce the price of petrol to about N300 per litre if he wins the 2027 presidential election.
The former Cross River State governor made the pledge during an interview on Channels Television’s Morning Brief, where he discussed President Bola Tinubu’s economic policies and outlined how he would approach Nigeria’s petroleum sector differently.
Duke argued that petrol meant for domestic consumption should be priced according to the actual cost of production rather than international market prices.
“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.
According to Duke, the cost of producing and refining crude for domestic use is significantly lower than the international benchmark used to determine fuel prices.
He said the high cost of petrol is placing an additional burden on Nigerians, particularly low-income earners, who already have to cope with limited incomes and rising living expenses.
“The basic minimum wage is 70,000 naira. Your salary will go in just filling a tank of fuel,” Duke said.
Asked what he considered a realistic petrol price under his proposed administration, the PRP candidate said he would work towards bringing it down to around N300 per litre.
“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,” he said.
Duke’s Proposed Crude Allocation Plan
Duke explained that his plan would involve setting aside a portion of Nigeria’s crude oil production specifically for domestic consumption, while the remaining crude would be sold internationally.
He suggested allocating about 600,000 barrels of crude oil per day for domestic needs if that amount is sufficient to meet local consumption, while selling another one million barrels on the international market.
“Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” he said.
Nigeria’s petroleum regulator reported average petrol consumption of about 60.2 million litres per day in January 2026, although monthly demand has fluctuated during the year. Available industry data has also put Nigeria’s crude production at around 1.68 million barrels per day.
Duke said his proposed pricing model would be part of a broader economic strategy aimed at reducing the pressure of energy costs on households and businesses.
He argued that making petrol more affordable would support productivity by allowing Nigerians to move goods, provide services and carry out their businesses with less pressure from fuel costs.
Duke is seeking the presidency under the PRP in the 2027 election and has positioned his proposed changes to the petroleum sector as part of his alternative economic approach.
Source: Channels Television.
