Former Cross River State Governor and 2027 presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has said he would work to reduce the price of petrol to between N200 and N300 per litre if elected president.
Duke said the reduction could be achieved without returning to the conventional fuel subsidy system by pricing crude oil allocated for domestic refining according to its production cost rather than international market rates.
He explained that Nigeria produces about 1.7 million barrels of crude oil daily, while roughly 300,000 barrels are required for domestic consumption.
According to him, the crude meant for local refining should be supplied at production cost, with the expenses of refining and distribution taken into account.
Duke also proposed selling other petroleum products derived from the same barrel of crude at commercial rates, arguing that the revenue generated could help reduce the effective cost of petrol.
He said this approach could make it possible for Nigerians to buy petrol for between N200 and N300 per litre without relying on subsidies.
The former governor maintained that Nigeria should take advantage of its crude oil resources to provide affordable energy and stimulate economic growth.
Duke’s position comes amid renewed political debate over fuel pricing and the future of petrol subsidy ahead of the 2027 general election.
