2027: Olawepo-Hashim Promises ₦610 Maximum Petrol Price If Elected President

The 2027 presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has promised that petrol would not sell above ₦610 per litre if he is elected president.

According to Ireporter Online, Olawepo-Hashim said his administration would target an initial pump price of ₦605 per litre, with the possibility of reducing it further to between ₦200 and ₦300 if production costs are lowered and the naira exchange rate stabilises.

The presidential hopeful said the proposed pricing policy would be implemented without sacrificing government revenue or reducing allocations to the Federation Account Allocation Committee (FAAC).

He argued that Nigeria should stop relying solely on international petroleum prices when determining the domestic cost of petrol and instead establish the actual expenses involved in crude production, refining, transportation, storage, insurance and distribution.

Olawepo-Hashim also called for an independent forensic audit of the petroleum industry to determine the true cost of producing and delivering petrol to Nigerian consumers.

He said the audit should cover crude oil production, contracts, procurement, refining, transportation, storage, insurance, pipelines and distribution, insisting that Nigerians deserve full transparency in the petroleum sector.

The Accord candidate questioned why the cost of producing Nigeria’s crude oil remains high despite the country’s status as a major oil producer. He identified contracting practices, procurement processes, insecurity and operational inefficiencies as areas requiring urgent scrutiny.

Olawepo-Hashim further linked his petrol pricing proposal to exchange-rate stability, saying an Accord administration would target a dollar-to-naira rate of between ₦525 and ₦700.

He maintained that a stronger naira and lower production costs would reduce expenses across the petroleum value chain and ultimately ease the burden on consumers.

The presidential candidate stressed that cheaper petrol should not be achieved at the expense of government finances. Instead, he said his objective would be to build an economy where affordable energy, increased production and stronger government revenue support one another.

Olawepo-Hashim also defended the possibility of government intervention in petrol pricing, arguing that such intervention could benefit Nigerians if it was transparent, accountable and properly managed.

He said the proposed ₦200 to ₦300 per litre price should not be viewed as an immediate reduction, but as a possible outcome after reforms aimed at cutting production costs and achieving his exchange-rate target.

He urged Nigerians to focus on the economic policies presented by presidential candidates ahead of the 2027 election, rather than concentrating solely on political personalities.