The presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has said petrol would sell for no more than ₦605 per litre under an Accord administration, with the possibility of reducing the price to between ₦200 and ₦300 if production costs and the exchange rate are brought under control.
Hashim said the ₦605 price would be a sustainable starting point rather than a government-funded subsidy, insisting that cheaper petrol should not come at the expense of government revenue or allocations to the Federation Account.
“₦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,” he said.
Calls for Petroleum Cost Audit
The Accord candidate said Nigeria needed to examine the actual cost of producing, refining, transporting and distributing petrol before determining whether consumers were being subsidised.
He described the previous justification for subsidy removal as “accounting magic” and called for an independent forensic audit of the petroleum sector.
He stressed that the audit should cover crude oil 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,” Hashim said.
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He argued that comparing domestic petroleum prices with international benchmarks without establishing Nigeria’s actual production and distribution costs could give a misleading picture of the cost of supplying fuel.
Targets Exchange Rate Stability
Hashim said his proposed petrol pricing model would depend largely on reducing production costs and stabilising the naira.
He said an Accord government would target an exchange rate of between ₦525 and ₦700 to the dollar, arguing that a more stable currency would reduce the cost of inputs across the petroleum industry and the wider economy.
“We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate,” he said.
The presidential candidate also rejected the argument that cheaper petrol must necessarily reduce government revenue.
“We are not going to make petrol cheaper by making government poorer,” he said.
Wants More Domestic Refining
Hashim said the proposed policy would be supported by increased domestic refining, greater transparency across the petroleum value chain and measures to eliminate waste and leakages.
He maintained that Nigeria should not continue passing the burden of inefficiencies and inflated costs to consumers through higher pump prices.
“The Nigerian people should not pay for inefficiency twice. They should not pay for inflated costs inside the system and then be told that the resulting high price is the inevitable consequence of subsidy removal,” he said.
Hashim said lower energy costs could reduce transportation and manufacturing expenses, increase household purchasing power and stimulate production.
He added that his focus was not simply on cheap petrol but on building an economy in which affordable energy would support increased production and government revenue.
Defends Targeted Intervention
The Accord candidate also argued that subsidy should not automatically be regarded as illegitimate, provided government intervention was transparent, targeted and tied to measurable economic objectives.
“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable. Subsidy should protect Nigerians and the productive economy, not enrich intermediaries,” he said.
Hashim said the proposed ₦200–₦300 per litre price should be regarded as a possible medium-term outcome of correcting Nigeria’s economic fundamentals rather than an immediate promise.
He said the 2027 presidential election should focus on competing economic policies rather than personalities.
“Nigeria does not have to choose between affordable petrol and government revenue. We can have both. But we must stop using accounting to hide inefficiency and start using economics to build prosperity,” he said.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.