The Presidential Candidate of the Accord Party, Gbenga Olawepo-Hashim, has said an Accord government would target a sustainable petrol price of ₦605 per litre if elected in 2027.
Hashim said the price could eventually fall to between ₦200 and ₦300 per litre if Nigeria succeeds in lowering petroleum production costs and stabilising the naira exchange rate.
The presidential candidate, who has opposed the removal of petrol subsidy, said his proposed pricing model would not depend on an artificial subsidy or reduce government revenue.
“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government.”
Hashim Calls for Petroleum Sector Audit
Hashim argued that Nigeria should determine the actual cost of producing, refining, transporting and distributing petrol before deciding what consumers should pay.
He called for an independent forensic audit of the petroleum value chain, covering areas such as crude production, contracting, refining, transportation, storage, insurance and distribution.
According to him, Nigerians should be shown the actual figures behind the cost of producing and delivering petrol rather than having prices automatically linked to international benchmarks.
He also questioned why Nigeria’s oil production costs remain high compared with those of other major oil-producing countries, pointing to possible inefficiencies, insecurity, contracting and procurement costs.
Hashim said any unnecessary costs within the petroleum sector should be addressed before they are passed on to consumers.
₦200–₦300 Petrol Possible, Says Hashim
The Accord candidate said his proposed pricing framework would depend mainly on lower production costs and exchange-rate stability.
He said an Accord administration would target an exchange rate of between ₦525 and ₦700 to the dollar, arguing that a more stable naira would reduce the cost of petroleum-sector inputs.
Hashim stressed that reducing petrol prices would not mean sacrificing government revenue.
“We are not going to make petrol cheaper by making government poorer.”
He said cheaper energy could reduce transportation and manufacturing costs, improve household purchasing power and encourage greater economic activity.
Hashim clarified that the projected ₦200–₦300 per litre price would be a medium-term possibility rather than an immediate promise.
He also proposed faster development of domestic refining capacity, greater transparency in the petroleum industry and measures to reduce waste and leakages.
The Accord candidate maintained that government intervention in petrol pricing should not automatically be considered wrong if it is transparent, targeted and linked to measurable economic objectives.
He said the 2027 election should focus more on competing economic policies and practical solutions than personalities.
Source: Gbenga Olawepo-Hashim / Accord Party.
