Fuel price hike: Adebayo unveils plan to make product affordable, reliable

Says Nigeria’s oil must serve Nigerians

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The candidate of the Social Democratic Party (SDP) for the 2027 presidential elections, Prince Adewole Adebayo, unveiled a plan to ensure domestic refining, lower logistics costs and cheaper fuel for Nigerians.

Reacting to the persistent rise in petrol prices across the country, he insisted that Nigeria’s oil must serve Nigerians.

Following the persistent increase in petrol price, particularly the recent one, which moved the price per litre to between N1,400 and N1,500 depending on which part of the country, the energy strategy contained in his policy document, ‘Farewell to Poverty and Insecurity’, is already drawing attention to the question of how Nigeria’s oil wealth can translate into cheaper energy for Nigerians.

The blueprint is anchored on the principle that “Nigeria’s oil must first serve Nigerians,” with a proposal to make petrol, diesel and aviation fuel more affordable and reliably available.

At the centre of the plan is increased domestic refining, with functioning Nigerian refineries given transparent and reliable access to locally produced crude.

In the document, Adebayo’s proposal is for the government to publish crude allocations, enforce supply agreements and eliminate avoidable logistics bottlenecks.

The blueprint also argued that any tax relief, preferential crude supply or other government concession granted to refineries should ultimately benefit consumers through lower prices.

Rather than imposing arbitrary pump-price controls, Adebayo proposed reducing prices through increased local production, lower transportation and distribution costs, greater storage capacity and stronger competition.

The plan gives particular attention to diesel, noting its importance to manufacturing, agriculture, telecommunications, construction, logistics and small businesses.

It proposed greater domestic diesel production and measures to eliminate unnecessary taxes, charges and distribution costs.

Adebayo also promised to expand the use of Nigerian gas for electricity, transportation, industry and household cooking, while reducing gas flaring.

Under the proposed first 18-month targets, the government would seek increased crude supply to domestic refineries, higher local production of petroleum products, stronger strategic reserves and lower avoidable logistics costs.

Ultimately, the blueprint said fuel must be consistently available, while transportation and the cost of doing business begin to fall.