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Presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has rejected the removal of petrol subsidy, promising that Nigerians would not pay more than ₦605 per litre for petrol if he is elected president in 2027.
Olawepo-Hashim said the ₦605 price would represent a sustainable starting point rather than an artificially subsidised rate, adding that petrol could eventually sell for between ₦200 and ₦300 per litre if Nigeria succeeds in lowering production costs and stabilising the exchange rate.
“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200,” he said.
The Accord candidate argued that Nigeria should first determine the actual cost of producing, refining, transporting and distributing petrol before describing any difference between domestic and international prices as a subsidy.
He described the previous justification for subsidy removal as “accounting magic”, insisting that the country must address inefficiencies and excessive costs within the petroleum value chain.
“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said.
Olawepo-Hashim called for an independent forensic audit of the petroleum sector to establish the actual cost of delivering petrol to Nigerian consumers.
He questioned why Nigeria’s oil production costs remain high compared with those of other major oil-producing countries, pointing to contracting, procurement, insecurity and operational inefficiencies as areas requiring scrutiny.
“Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil. If the cost is genuine, show us the evidence. If it is inefficiency, corruption or inflated contracting, fix it,” he said.
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The presidential candidate said his proposed reduction in petrol prices would not come at the expense of government revenue or allocations to the three tiers of government.
“The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer,” he said.
According to him, the proposed pricing framework would be driven primarily by lower production costs and a more stable exchange rate, with his administration targeting an exchange rate between ₦525 and ₦700 to the dollar.
Olawepo-Hashim also promised to accelerate domestic refining and improve transparency across the petroleum value chain as part of efforts to reduce the cost of fuel.
He maintained that government intervention in petrol pricing should not automatically be regarded as wasteful, provided it is transparent, targeted and designed to achieve measurable economic objectives.
“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable,” he said.
Olawepo-Hashim said cheaper petrol would help reduce transportation and production costs, improve household purchasing power and strengthen economic activity.
“Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another,” he said.
He added that the ₦200–₦300 per litre projection was a medium-term possibility if the country succeeded in correcting its production costs and exchange-rate challenges, rather than an immediate price promise.
