The Presidential Candidate of the Accord Party, Dr Gbenga Olawepo-Hashim, has promised to sell petrol at ₦605 per litre if elected president in the 2027 general election.
Olawepo-Hashim said the price could eventually fall to between ₦200 and ₦300 per litre if his administration succeeds in reducing petroleum production costs and stabilising the exchange rate.
He argued that petrol prices in Nigeria should be determined by the actual cost of producing, refining, transporting and distributing the product, rather than being automatically linked to international market prices.
According to him, the proposed ₦605 price would be sustainable and would not require the government to sacrifice revenue or reduce allocations to the Federation Account.
The Accord candidate called for an independent forensic audit of the petroleum value chain to establish the true cost of delivering petrol to consumers.
He said the audit should cover crude oil production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution.
Olawepo-Hashim also questioned Nigeria’s relatively high oil production costs compared with other major oil-producing countries. He identified insecurity, inefficient operations, contracting practices, procurement and possible cost inflation as areas requiring scrutiny.
He said an Accord government would target an exchange rate of between ₦525 and ₦700 to the dollar, arguing that currency stability would help reduce the naira cost of inputs across the petroleum industry.
The presidential candidate maintained that reducing petrol prices would not necessarily lead to lower government revenue. He argued that cheaper energy could reduce transportation and manufacturing costs, stimulate economic activity and increase household purchasing power.
He clarified that the ₦200 to ₦300 per litre projection would be a medium-term possibility rather than an immediate price promise, depending on the success of reforms to production costs and exchange-rate management.
Olawepo-Hashim further proposed faster development of domestic refining capacity, greater transparency in the petroleum sector and stronger measures to curb waste and leakages.
He maintained that government intervention in petrol pricing could be justified when it is transparent, accountable and linked to measurable economic objectives.
The Accord candidate urged Nigerians to demand greater transparency in the petroleum sector, saying the 2027 election should be centred on competing economic policies and practical solutions to the country’s energy challenges.
