2027: I will cut petrol prices to N200 per litre, Adebayo says

Prince Adewole Adebayo says an SDP government would bring petrol, cooking gas and aviation fuel, Jet A1, down to N200 per litre within 12 months of taking office in 2027.

The Social Democratic Party presidential candidate made the pledge during the News Agency of Nigeria’s Personality Interview Series in Abuja. He said the lower prices would depend on reviving Nigeria’s existing refineries and creating conditions for modular refineries to operate.

Adebayo argued that the age of Nigeria’s refineries should not make them unusable. He pointed to refineries in the United States that are more than 100 years old and still operate, saying Nigeria’s facilities could be rehabilitated to meet domestic fuel demand.

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SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,

He also promised to restore what he called the original subsidy regime, under which 450,000 barrels of crude oil were reserved for domestic consumption. Products derived from that crude, including naphtha, heavy fuel oil, diesel and kerosene, would be sold, with the proceeds supporting the price system.

“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,” Adebayo said. He rejected the argument that subsidy removal alone would solve Nigeria’s fiscal problems, calling that debate a “red herring.”

Adebayo linked the fuel plan to a wider transport policy involving public transport and rail expansion. Workers and students would use employment and student identification cards to access services, while employers would contribute six percent of workers’ salaries toward transportation. He said cheaper fuel and lower transport costs would help stimulate economic activity.

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red herring