Prince Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate, has argued that revenue from Nigeria’s stolen crude oil could have helped keep petrol prices at N200 per litre.

Adebayo made the assertion during a media briefing in Abuja on Sunday, criticising the high cost of petroleum products in a country with substantial crude oil resources.

He maintained that Nigerians should not bear the burden of international oil prices when crude oil is produced locally, arguing that the country’s natural resources should translate into more affordable energy for citizens.

The SDP chieftain described the continued use of international market rates to determine domestic petrol prices as unfair, particularly given Nigeria’s challenges with crude oil theft and gas flaring.

He argued that losses from stolen crude represented resources that could have supported a fuel subsidy scheme and reduced the financial pressure on households and businesses.

His remarks come amid renewed political debate over the removal of petrol subsidies ahead of the 2027 presidential election.

President Bola Ahmed Tinubu recently reaffirmed his administration’s position that the subsidy had been permanently discontinued. Speaking at a campaign rally in Kaduna on Saturday, Tinubu urged Nigerians not to believe claims suggesting otherwise.

However, some opposition figures have continued to call for a review of the policy. Atiku Abubakar of the African Democratic Congress (ADC) is among those who have advocated restoring fuel subsidies.

The disagreement comes as elevated petrol prices continue to affect transportation costs, business operations and household spending.

In Abuja, petrol was selling for between N1,370 and N1,429 per litre, according to reports, adding to the cost-of-living challenges facing residents.

Adebayo’s proposal has renewed questions about how Nigeria can better manage its crude oil resources and whether tackling oil theft could create greater room for measures to reduce domestic fuel costs.