Former Cross River State Governor and 2027 presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has promised to cut petrol prices to about N300 per litre by pricing crude oil for domestic consumption at production cost rather than international market rates.
Duke made the proposal while speaking on Channels Television’s Morning Brief on Monday, where he outlined how he would approach the petroleum sector differently from the administration of President Bola Tinubu if elected.
He argued that Nigeria should take advantage of its crude oil resources to reduce the cost of petroleum products for Nigerians instead of linking domestic prices entirely to international market fluctuations.
According to him, crude oil meant for local consumption should be allocated and priced at the cost of producing it, while the balance of the country’s crude production could continue to be sold on the international market.
“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,” Duke said.
He said the proposed arrangement would involve setting aside a portion of Nigeria’s daily crude production for domestic consumption.
“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.
Duke said his proposal was based on the argument that Nigeria should not sell crude to its own people at international prices when the country bears the cost of producing the resource.
He cited an estimated production cost of about $45 per barrel, saying the cost could be lower depending on whether refining and other expenses were included.
The former governor said the high cost of petrol was putting additional pressure on households and businesses, particularly low-income earners whose incomes have not risen at the same pace as the cost of living.
“You don’t want them to breathe, and your people are notably the poorest in the world. They can’t afford it. The basic minimum wage is 70,000 naira. Your salary will go in just filling a tank of fuel,” he said.
Asked what he considered a realistic pump price under his administration, Duke said he would target about 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 proposal effectively places domestic crude allocation at the centre of his plan to reduce petrol prices, rather than a return to the former subsidy regime.
Available industry data puts Nigeria’s average crude oil production at about 1.68 million barrels per day, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority has put daily petrol consumption at about 60.2 million litres.
Duke said the difference between crude reserved for domestic use and the volume sold internationally would enable Nigeria to continue earning foreign exchange while providing cheaper petroleum products for the domestic market.
He said the approach would form part of his broader economic programme if elected president in 2027, with lower energy costs expected to ease pressure on households and businesses.
The PRP candidate’s proposal comes amid continued debate over petrol pricing, the removal of fuel subsidy and the impact of energy costs on Nigerians ahead of the 2027 general election.
