The Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has proposed allocating part of Nigeria’s crude oil production exclusively for domestic consumption as part of a plan to reduce petrol prices to about N300 per litre if elected president in 2027.
The former governor of Cross River State said the proposal would shield Nigerians from international crude price fluctuations by pricing locally consumed petroleum products according to production costs.
Duke made the proposal while appearing on Channels Television’s Morning Brief on Wednesday, where he criticised the Federal Government’s current approach to petrol pricing and outlined his alternative.
He argued that Nigeria should not price crude produced for domestic use at international market rates, saying such a system was adding to the economic pressure on households.
“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.
According to him, the cost of producing and refining crude for domestic consumption is significantly below the international benchmark used in determining petrol prices.
Duke said the high cost of petrol had worsened hardship for workers and low-income Nigerians, with transportation and energy expenses consuming a large part of household incomes.
“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 how much petrol could cost 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.
He proposed dedicating a portion of Nigeria’s daily crude production to meet domestic demand, while selling the remainder on the international market.
“Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” Duke said.
He said the arrangement would allow Nigerians to benefit more directly from the country’s crude oil resources while reducing the impact of international oil price movements on domestic petrol prices.
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