The presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel to N200 per litre if elected president in 2027.
Adebayo made the pledge on Sunday while speaking during the News Agency of Nigeria (NAN) Personality Interview Series in Abuja.
He said his administration would achieve the proposed reduction within 12 months by rehabilitating Nigeria’s existing refineries and creating an environment that would encourage the operation of modular refineries.
According to him, the age of Nigeria’s refineries should not be considered a major obstacle to their rehabilitation, noting that some refineries in the United States have remained operational for more than a century.
The SDP candidate also proposed restoring what he described as the original subsidy arrangement, under which 450,000 barrels of crude oil were allocated for domestic consumption.
He explained that other petroleum products derived from the crude, including naphtha, heavy fuel oil, diesel and kerosene, could be sold, with the proceeds used to support the proposed fuel pricing system.
Adebayo argued that the debate over fuel subsidy had diverted attention from the more fundamental problems affecting Nigeria’s petroleum industry.
He maintained that the country should focus on increasing domestic refining capacity rather than relying heavily on imported refined petroleum products sold at international market prices.
The presidential candidate said Nigeria had a major advantage because of its crude oil reserves and existing refining infrastructure, adding that more crude should be processed 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,” he said.
Adebayo further stated that an SDP government would work with the National Assembly to establish a mechanism for using revenue generated from other petroleum products to sustain the proposed pricing policy.
He rejected the notion that subsidy removal by itself would resolve Nigeria’s fiscal challenges, describing the argument as a distraction from the country’s deeper economic problems.
Beyond reducing fuel prices, Adebayo said his administration would introduce a broader transportation policy aimed at expanding public transport and rail services while reducing Nigerians’ dependence on private vehicles.
He proposed a system in which workers and students would have access to public transportation through employment and student identification cards. Under the plan, employers would contribute six per cent of workers’ salaries towards transportation.
According to him, cheaper petroleum products, combined with improved public transportation, would help reduce transport expenses and stimulate economic activity.
The SDP candidate also promised to ensure that housing costs do not exceed seven per cent of workers’ salaries, while pledging free education and healthcare.
“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,” he said.
Adebayo also pledged to make agriculture and food security a priority, saying increased investment in the sector would help bring down food prices and make basic necessities more affordable for Nigerians.
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