The presidential candidate of the Social Democratic Party, Prince Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel, also known as Jet A1, to no more than N200 per litre if elected president in 2027.
Adebayo made the pledge while featuring on the News Agency of Nigeria Personality Interview Series on Sunday in Abuja.
He said the reduction would be achieved within 12 months through the revival of Nigeria’s existing refineries and the creation of an enabling environment for modular refineries to operate.
According to him, the country’s refineries, despite being nearly 50 years old, remain serviceable and can meet a significant part of domestic demand.
Adebayo noted that some refineries in the United States that are more than 100 years old are still operational.
He also promised to restore what he described as the original fuel subsidy regime, under which 450,000 barrels of crude oil were reserved for domestic consumption.
He said revenue from other derivatives produced from the crude, including naphtha, heavy fuel oil, diesel and kerosene, would be used to sustain the pricing arrangement.
“All other derivatives from the 450,000 barrels like naphtha, heavy fuel oil, diesel, kerosene, etc. will be sold and the money used to maintain the regime price,” he said.
The SDP candidate said the ongoing debate over petrol subsidy had diverted attention from the major challenges confronting Nigeria’s petroleum sector.
He argued that the priority should be to develop adequate domestic refining capacity rather than continue importing refined petroleum products at international prices.
Adebayo said Nigeria had an advantage because of its crude oil reserves and existing refining infrastructure, stressing that the country should refine more of its crude locally.
“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200.
“We will go to the National Assembly and demand to see that all the other derivatives that come from it like naphtha and all others, when we sell them, we use the money to equalise the price,” he said.
He further said Nigerians would no longer have to debate fuel subsidy under an SDP administration, describing subsidy as a distraction from the structural problems in the petroleum sector.
Adebayo also pledged to expand public transportation and rail services as part of measures to reduce dependence on private vehicles.
Under his proposed transport policy, workers and students would use employment and student identification cards linked to public transport services without direct payment, while employers would contribute six per cent of workers’ salaries towards transportation.
He said cheaper petrol and aviation fuel, combined with improved public transport, would reduce the cost of movement and stimulate economic activity.
The SDP candidate also promised to cap housing costs at seven per cent of workers’ salaries and provide free education and healthcare if elected.
“The summary of it is that transportation costs cannot go more than six per cent of your salary and housing costs should not be more than seven per cent of your salary; education and healthcare should be free.
“That is basically the thing we are going to do, and to make sure that food is affordable, government will focus on agriculture and ensure food security,” he said.
