The presidential candidate of the Peoples Redemption Party, Donald Duke, has said he will reduce the pump price of petrol to N300 per litre if elected in 2027.
Duke, a former governor of Cross River State, made the pledge on Monday during an interview on Channels Television’s Morning Brief.
According to him, the current pricing template is unfair to Nigerians because it pegs local consumption to international market rates. He described the current system as fraudulent.
“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,” he said.
Duke said Nigerians cannot cope with the current price given the low minimum wage.
“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.
He said his administration would reserve 600,000 barrels of crude daily for domestic refining and sell the rest abroad to achieve the target price.
“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.
“Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” he added.
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