Accord Party presidential candidate Gbenga Olawepo-Hashim has promised that petrol would sell for no more than ₦605 per litre under his administration if elected in the 2027 presidential election.
Hashim said ₦605 would be the starting sustainable price, while petrol could eventually fall to between ₦200 and ₦300 per litre if Nigeria reduces production costs and stabilises the naira exchange rate.
Speaking on the proposed policy, the candidate said Nigerians would not pay more than ₦610 per litre under his government.
“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200.”
According to Channels Television, Hashim said the proposed reduction would not depend on an opaque subsidy regime or come at the expense of government revenue and Federation Account Allocation Committee (FAAC) revenues.
He argued that Nigeria needs to determine the actual cost of producing, refining, transporting and distributing petrol before describing the difference between domestic and international prices as a subsidy.
Hashim described previous arguments used to justify subsidy removal as “accounting magic” and called for an independent forensic audit of the petroleum sector.
The audit, he said, should cover crude production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution.
“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said.
The Accord candidate also questioned Nigeria’s relatively high oil production costs, pointing to contracting, procurement, insecurity, operational inefficiencies and possible cost inflation as areas requiring scrutiny.
He said Nigerians should not bear the cost of inefficiencies in the petroleum sector through higher pump prices.
Hashim proposed targeting an exchange rate of between ₦525 and ₦700 to the US dollar, arguing that exchange-rate stability would help reduce the naira cost of petroleum-sector inputs.
He maintained that making petrol cheaper would not mean making the government poorer.
“The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer,” he said.
He also said lower energy costs could reduce transportation and manufacturing expenses, increase household purchasing power and stimulate economic production.
Hashim stressed that his proposed ₦200 to ₦300 petrol price should be viewed as a possible medium-term outcome rather than an immediate promise.
He also advocated accelerated domestic refining, greater transparency across the petroleum value chain and measures to eliminate waste and leakages.
On subsidies, Hashim said government intervention should not automatically be regarded as illegitimate if it is transparent, targeted and designed to achieve measurable economic objectives.
“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable,” he said.
The Accord candidate said the 2027 election should focus on competing economic models, including how to deliver affordable energy while maintaining government revenue.
