Duke Faults Tinubu, Atiku, Obi’s Subsidy Debate, Declares Petrol Should Cost N200

Donald Duke says Nigerians should be paying about N200 for a litre of petrol, not more than N1,000. The former Cross River State governor and Peoples Redemption Party presidential candidate argues that the country’s crude oil resources make the continuing subsidy debate fundamentally misguided.

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Look, I don’t believe there’s any subsidy in fuel. For a barrel of crude oil, there are about seven by-products. The two consequential ones are diesel and petrol, PMS and AGO, and kerosene, aviation fuel and all those things.

Duke called the controversy a “scam” and said Nigeria could lower petrol prices by properly using the products derived from each barrel of crude. “Look, I don’t believe there’s any subsidy in fuel. For a barrel of crude oil, there are about seven by-products. The two consequential ones are diesel and petrol, PMS and AGO, and kerosene, aviation fuel and all those things.”

He said these products could be sold at commercial rates while still allowing petrol to reach consumers at roughly N200 per litre. “You can almost sell petrol today at N200 a litre, not the N1,000-plus. So that thing about subsidy, I think, is the biggest scam that has been perpetrated, maybe globally.”

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You can almost sell petrol today at N200 a litre, not the N1,000-plus. So that thing about subsidy, I think, is the biggest scam that has been perpetrated, maybe globally.

Duke’s comments come as President Bola Tinubu, former Vice President Atiku Abubakar and former Anambra State governor Peter Obi put forward different approaches to rising fuel costs. Tinubu removed the subsidy on May 29, 2023, arguing that it had become unsustainable and that the funds could support development. Atiku has proposed a targeted subsidy to ease the pressure on households, while Obi supports subsidy removal but has called for transparency in spending the savings.

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You’re an energy-blessed country. You have all known forms of energy existing in Nigeria, from the crudest, which is human labour, to hydrocarbons, solar, hydro, uranium and now lithium.

Duke said all three positions overlook Nigeria’s wider energy potential. He listed hydrocarbons, solar, hydro, uranium and lithium among the country’s resources, but asked why an energy-rich nation remains energy-poor. He also criticized the continued flaring of natural gas during energy shortages, saying Nigeria burns about two billion cubic feet a day, an amount he compared with 20 million litres of diesel.

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We easily flare two billion cubic feet of gas a day. That is equivalent to 20 million litres of diesel.