Petrol will be sold at ₦605 down to ₦200 per litre — 2027 presidential candidate promises

The 2027 presidential candidate of the Accord Party, Dr Gbenga Olawepo-Hashim, has unveiled a plan that could see petrol sold for as low as ₦200 per litre.

Hashim said his administration would initially target a pump price of ₦605 per litre, with the possibility of reducing it further after addressing production costs and exchange-rate challenges.

Hashim rejects current approach to petrol pricing

The Accord candidate argued that Nigeria should not determine petrol prices solely by referencing international market prices.

He said the government should first establish the genuine cost of producing, refining, transporting, insuring and distributing petroleum products locally.

According to him, any difference between domestic prices and international benchmarks should not automatically be described as a subsidy loss.

“Any time you sell a product above its legitimate cost of production, refining, transportation and insurance, you cannot call the difference between that price and an international benchmark a subsidy loss. That is opportunity cost,” he said.

Hashim has consistently criticised the removal of petrol subsidy and said government intervention could be justified when properly managed.

‘Nobody will buy petrol above ₦610’

Hashim said ₦605 would be the starting point under an Accord administration.

He insisted that the proposed price would be sustainable and would not be achieved by sacrificing government revenue.

“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200,” he said.

He explained that the eventual price would depend on reforms that reduce production expenses and stabilise the exchange rate.

Candidate calls for forensic audit

Hashim proposed an independent forensic examination of the petroleum industry to determine how much it actually costs to deliver petrol to Nigerian consumers.

He said the audit should cover crude production, contracts, procurement, refining, transportation, storage, insurance, pipelines and distribution.

“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said.

The presidential candidate questioned why Nigeria’s oil production costs remain high despite being a major crude oil producer.

He identified contracting, procurement, insecurity and operational inefficiencies among the issues that should be investigated.

“Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil. If the cost is genuine, show us the evidence. If it is inefficiency, corruption or inflated contracting, fix it,” he said.

₦525–₦700 exchange rate target

Hashim also linked his petrol pricing proposal to exchange-rate stability.

He said an Accord government would pursue an exchange rate between ₦525 and ₦700 to the dollar.

According to him, a stronger and more stable naira would reduce the cost of petroleum-sector inputs and ease pressure on businesses and households.

“We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate,” he said.

He maintained that cheaper petrol would not necessarily translate into lower government income.

“The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer,” he said.

How cheaper petrol could affect Nigerians

Hashim said lower energy costs could have a wider impact on the Nigerian economy.

He argued that affordable petrol would help reduce transportation and production expenses while improving household purchasing power.

He also said increased economic activity could eventually expand government revenue.

“Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another,” he said.

₦200–₦300 target depends on reforms

Hashim clarified that the ₦200 to ₦300 figure should not be interpreted as an immediate pump price.

Rather, he said it could become achievable after production costs are reduced and his proposed exchange-rate target is attained.

“₦605 is the starting sustainable price. If we get production costs right and achieve the exchange-rate target, the price could come down to ₦200 or ₦300,” he said.

He also proposed faster expansion of domestic refining and greater transparency across the petroleum value chain.

Hashim said government intervention in petrol pricing should be transparent and designed to support consumers and economic productivity.

“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable. Subsidy should protect Nigerians and the productive economy, not enrich intermediaries,” he said.

He urged voters to assess the 2027 election based on competing economic policies rather than personalities.

“Nigeria does not have to choose between affordable petrol and government revenue. We can have both. But we must stop using accounting to hide inefficiency and start using economics to build prosperity,” he said.