Presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, says his administration would sell petrol at a sustainable price of ₦605 per litre if elected in 2027.
He said the price could eventually drop to between ₦200 and ₦300 per litre if Nigeria stabilises petroleum production costs and the naira exchange rate.
Olawepo-Hashim, who has opposed the removal of petrol subsidy, argued that cheaper petrol would not necessarily reduce government revenue. He said his proposed price would be achieved by addressing inefficiencies in crude oil production, refining, transportation, storage and distribution.
He called for an independent forensic audit of Nigeria’s petroleum value chain, saying the government should publish the actual costs of producing, refining and distributing petrol.
According to him, Nigeria should not automatically use international oil prices as the benchmark for domestic petrol pricing when the product is produced locally.
The Accord candidate also proposed targeting an exchange rate of ₦525 to ₦700 per dollar, arguing that a more stable naira would lower the cost of petroleum-sector inputs.
He said an Accord government would accelerate domestic refining, improve transparency and reduce waste and leakages in the oil industry.
Olawepo-Hashim stressed that the proposed ₦200–₦300 petrol price is a medium-term possibility, rather than an immediate promise. He maintained that the starting sustainable price would be ₦605 and that further reductions would depend on reforms that lower production costs and stabilise the exchange rate.
He said the 2027 election should focus on competing economic policies, arguing that Nigeria could have affordable petrol and strong government revenue if inefficiencies in the petroleum sector were addressed.
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