The presidential candidate of the Social Democratic Party, Prince Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel to ₦200 per litre within 12 months if elected president in 2027.
Adebayo made the pledge in Abuja during an interview with the News Agency of Nigeria, where he outlined his proposed approach to addressing Nigeria’s energy crisis and the rising cost of living.
He argued that the high cost of petroleum products was not necessarily an unavoidable consequence of economic realities but largely a product of government policy and what he described as a lack of political will.
The SDP candidate said his administration would focus on expanding domestic refining capacity as part of efforts to reduce the country’s reliance on imported petroleum products.
He listed the rehabilitation of government-owned refineries, expansion of modular refineries and the removal of barriers to private investment in refining as key elements of his plan.
Adebayo dismissed concerns that Nigeria’s old state-owned refineries could no longer be made operational, arguing that the age of a refinery did not necessarily determine its viability.
He pointed to older refineries operating in the United States as evidence that ageing facilities could remain productive when properly maintained and upgraded.
According to him, Nigeria should adopt a similar approach by investing in the rehabilitation and maintenance of its existing refineries rather than allowing them to remain idle.
He also promised to establish a regulatory framework that would encourage private modular refineries to increase production and expand their contribution to the domestic market.
Adebayo said increased local refining would reduce the need for imported petroleum products and consequently eliminate several costs built into the prices paid by Nigerian consumers.
He identified foreign exchange expenses, shipping charges and landing costs among the factors that contribute to the high cost of imported refined products.
“If you lock down local refining capabilities, you eliminate the shipping, landing and foreign exchange costs,” he argued.
Adebayo maintained that the reduction in these costs would make it possible for his administration to significantly lower the prices of petrol, cooking gas and aviation fuel.
“It is a deliberate policy choice,” he said, insisting that Nigeria’s energy challenges could be addressed through decisive policy intervention.
The pledge comes at a time when the cost of energy remains a major concern for households and businesses across the country.
Petrol prices have risen sharply since the removal of the petrol subsidy in 2023, while the depreciation of the naira and higher operating costs have further affected the prices of transportation, food and other essential goods.
Adebayo said his proposed policies would seek to reverse the trend by shifting the focus from dependence on imported refined products to increased domestic production.
He also linked the development of the refining sector to broader economic benefits, arguing that a stronger domestic petroleum industry would reduce pressure on foreign exchange and improve the competitiveness of Nigerian businesses.
The SDP candidate’s ₦200-per-litre target represents a major reduction from prevailing market prices and is likely to generate debate over the feasibility and financing of the proposal.
To achieve the target, an incoming administration would have to significantly expand refining capacity while addressing production, distribution, taxation, logistics and exchange-rate costs.
Adebayo, however, expressed confidence that the target could be achieved within his first year in office if the government demonstrated sufficient political commitment.
His proposal is expected to form a significant part of the SDP’s economic message as political parties prepare for the 2027 presidential contest, with the cost of living and energy prices likely to remain key issues for voters.
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