The Social Democratic Party, PDP, presidential candidate, Adewole Adebayo, says he will crash the prices of petroleum products to N200 per litre if elected President in 2027.
Adebayo, who stated this on Sunday in interview with the News Agency of Nigeria, said the proposed pricing regime would be implemented within 12 months of taking office.
If elected, he said his administration would bring back Nigeria’s existing refineries and encourage the operation of modular refineries.
According to him, some refineries in the United States that are more than 100 years old are still operational, adding that the age of Nigeria’s refineries should not be an obstacle to their rehabilitation.
“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.
He further disclosed that he would return the original subsidy regime, under which 450,000 barrels of crude oil are reserved for domestic consumption.
2027: I’ll crash petrol price to N200 per litre within 12 months – SDP’s Adebayo