2027: I’ll Slash Petrol Price to N200/Litre — Adebayo

Prince Adewole Adebayo, presidential candidate of the Social Democratic Party (SDP), has pledged to cut the prices of petrol, cooking gas and aviation fuel (Jet A1) to N200 per litre if elected president in 2027.

Adebayo made the promise while featuring on the News Agency of Nigeria (NAN) Personality Interview Series in Abuja on Sunday.

He said the reduction would be achieved within 12 months through the revival of Nigeria’s existing refineries and by creating an enabling environment for modular refineries to operate. According to him, the refineries — though decades old — remain serviceable and can be rehabilitated to meet domestic fuel needs, citing refineries in the United States that are over a century old but still operational.

Adebayo also promised to restore what he called the original subsidy regime, under which 450,000 barrels of crude oil were reserved for domestic consumption. He said other derivatives from the crude — naphtha, heavy fuel oil, diesel and kerosene — would be sold, with proceeds used to sustain the price regime.

The SDP candidate said the ongoing debate over petrol subsidy was distracting from the real challenges facing Nigeria’s petroleum sector, arguing that the priority should be building adequate domestic refining capacity instead of continuing to import refined products at international prices. He said Nigeria’s advantage lies in its crude oil resources and existing refining infrastructure.

“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 added that the party would work with the National Assembly to establish a mechanism for using revenue from other petroleum derivatives to support the price regime. Adebayo said Nigerians would not have to worry about fuel subsidy under an SDP government, dismissing the notion that subsidy should be treated as an economic programme. He also rejected the argument that subsidy removal alone would fix the country’s fiscal challenges, calling the debate a “red herring.”

Adebayo linked the fuel price plan to a broader transportation policy that would expand public transport and rail services to reduce dependence on private vehicles. He proposed that workers and students access public transportation via employment and student ID cards, with employers contributing six per cent of workers’ salaries towards transportation.

He said these measures, combined with cheaper petroleum products, would cut transportation costs and stimulate economic activity. Adebayo further pledged that an SDP government would cap housing costs at seven per cent of workers’ salaries, while providing 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.

He also promised to prioritise agriculture and food security to make food more affordable for Nigerians.