From Cyriacus Nnaji, Lagos
Social Democratic Party (SDP), presidential candidate, Prince Adewole Adebayo, has assured that he would reduce the price of petrol, cooking gas and aviation fuel to ₦200 per litre if elected president in 2027.
Adebayo said his administration would achieve the proposed reduction within 12 months by reviving Nigeria’s existing refineries and creating an enabling environment for modular refineries to operate.
He said Nigeria’s decades-old refineries can still be rehabilitated and used to meet a significant portion of the country’s domestic fuel needs.
The SDP stated that the age of a refinery should not be a reason for abandoning it, citing refineries in the United States that have operated for more than 100 years.
He said products derived from the crude oil, including naphtha, heavy fuel oil, diesel and kerosene, could be sold, with proceeds used to sustain the proposed fuel price regime.
He said the country’s continued dependence on imported refined petroleum products at international prices was one of the fundamental problems confronting the petroleum sector.
Adebayo maintained that Nigeria should take advantage of its crude oil resources and existing refining infrastructure to increase domestic refining and reduce exposure to international fuel prices.
Adebayo dismissed the argument that removing fuel subsidy alone would solve Nigeria’s fiscal challenges.
He added that Nigerians would not have to contend with the subsidy controversy under an SDP government, arguing that subsidy should not be treated as a government economic programme.
