Donald Duke Promises N300 Petrol If Elected President in 2027

(The presidential candidate of the Peoples Redemption Party, Donald Duke. Photo by Punch News)

Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has promised to bring the price of petrol down to about N300 per litre if he wins the presidency in 2027.

He said this would be done by changing how petroleum products for local use are priced.

According to him, Nigerians should not pay international market prices for crude oil that is produced in their own country.

Duke spoke in an interview online on Wednesday, where he talked about President Bola Tinubu's economic policies and shared his own plan for the petroleum sector.

He criticised the current subsidy system, calling it unsustainable and a scam.

He said petrol for local use should be priced at the actual cost of production and not at international market rates.

Duke argued that it costs far less to produce and refine petroleum for local use than the international price suggests.

He put the production cost at about $45, or about $30 without some charges, yet Nigerians are made to buy it back at over 100 dollars.

He said the high price of petrol has made life harder for Nigerians, especially workers and low-income families, whose earnings are swallowed up by transport and energy costs.

He noted that the minimum wage is 70,000 naira, and a worker's salary could go into filling a single tank of fuel.

Asked how much Nigerians should expect to pay under his government, Duke said he would aim for about N300 per litre.

He admitted it may sound outlandish but said he has done the arithmetic.

He explained that part of the country's daily crude oil output would be set aside for local needs, while the rest is sold abroad.

He said that if Nigeria uses 600,000 barrels a day, that amount should be kept for the country, and the other one million barrels can be sold.

Duke said this plan would let Nigerians benefit directly from their own crude oil and protect local petrol prices from swings in the international market.