2027 Presidential Candidate Promises ₦200–₦605 Petrol Under His Government

The 2027 presidential candidate of the Accord Party, Dr Gbenga Olawepo-Hashim, has unveiled an ambitious proposal to reduce the price of petrol to as low as ₦200 per litre if elected president.

Olawepo-Hashim said his administration would initially target a pump price of about ₦605 per litre, with further reductions possible after addressing the high cost of production and stabilising the naira.

According to the presidential candidate, Nigeria should not determine petrol prices solely by relying on international market benchmarks. He argued that the government must first establish the actual cost of producing, refining, transporting, insuring, storing and distributing petroleum products within the country.

He maintained that any difference between the domestic cost of petrol and international prices should not automatically be classified as a subsidy loss, describing such an approach as an opportunity-cost calculation.

Olawepo-Hashim said ₦605 per litre would be the starting sustainable price under an Accord administration and insisted that Nigerians would not pay more than ₦610 per litre under his proposed government.

He said the price could eventually fall to between ₦200 and ₦300 per litre if his administration succeeds in reducing production costs and achieving its proposed exchange-rate target.

The candidate also called for an independent forensic audit of Nigeria’s petroleum industry to determine the actual cost of delivering petrol to consumers. He said the review should cover crude oil production, contracts, procurement, refining, transportation, storage, insurance, pipelines and distribution.

Olawepo-Hashim questioned why Nigeria’s petroleum production costs remain high despite the country being a major crude oil producer. He identified contracting practices, procurement processes, insecurity and operational inefficiencies as areas requiring investigation.

He further proposed an exchange rate of between ₦525 and ₦700 to the dollar, arguing that a stronger and more stable naira would reduce the cost of inputs in the petroleum sector and ease pressure on households and businesses.

The presidential candidate stressed that reducing petrol prices would not come at the expense of government revenue. According to him, the objective would be to lower energy costs while simultaneously improving productivity and expanding economic activity.

He argued that cheaper petrol could reduce transportation and production expenses, increase household purchasing power and stimulate economic activity, potentially generating more revenue for government.

Olawepo-Hashim, however, clarified that the ₦200 to ₦300 target would not be an immediate pump price but a possibility dependent on the successful implementation of reforms, including lower production costs, increased domestic refining and exchange-rate stability.

He also called for greater transparency across the petroleum value chain, insisting that Nigerians should have access to information on production, refining, transportation and other costs.

The Accord candidate urged Nigerians to focus on competing economic policies ahead of the 2027 elections, arguing that the country could achieve both affordable petrol and sustainable government revenue through proper management and accountability.