2027: I’ll reduce petrol price to N300 per litre – Donald Duke

The former governor said petroleum products for local consumption should be priced based on production costs rather than international market prices.

“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.

I’m giving you a production cost of $45, right? The international price — that’s $45, including processing, refining, otherwise, it’s about $30, and you’re selling it back to your own people at 100 and something dollars,” he added.

Duke said high petrol prices were putting additional pressure on Nigerians, particularly low-income earners.

“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 petrol price under his presidency, 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.