Donald Duke, the former governor of Cross River State and a presidential candidate for the Peoples Redemption Party in the 2027 elections, has pledged to reduce petrol prices to around N300 per litre if he is elected.
In a recent interview on Channels Television’s Morning Brief, Duke criticized the current economic policies of President Bola Tinubu, particularly regarding the petroleum sector. He argued that petrol prices for local use should be based on production costs rather than the prices set by the international market.
Duke described the current subsidy system as a scam, stating that the cost of producing petrol is much lower than what Nigerians are paying. He mentioned that the production cost is around $45, while Nigerians are often charged over $100 for petrol.
He highlighted the financial strain high petrol prices place on Nigerians, especially those with low incomes, noting that many cannot afford to fill their fuel tanks. Duke pointed out that the minimum wage is N70,000, which can be quickly consumed by fuel costs.
When asked about a realistic price for petrol under his leadership, Duke reiterated his goal of achieving N300 per litre. He explained that his plan would involve allocating a portion of Nigeria’s crude oil production for local consumption while selling the rest internationally.
Nigeria currently produces about 1.68 million barrels of crude oil daily, with local consumption at approximately 60.2 million litres of petrol each day. Duke believes that his pricing model will ease the financial burden on Nigerians and be part of his overall economic strategy if he becomes president.
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