Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP), has pledged to reduce the prices of petrol, cooking gas and aviation fuel, known as Jet A1, to N200 per litre if elected president in the 2027 general election.
Adebayo made the commitment during the News Agency of Nigeria (NAN) Personality Interview Series held on Sunday in Abuja. He stated that the reduction would be achieved within 12 months through the revival of local refineries and the creation of an enabling environment for modular refineries to operate effectively in the country.
He noted that Nigeria’s refineries, which are less than 50 years old, remain serviceable and capable of meeting national demand. Adebayo compared them to refineries in the United States that continue to function after more than 100 years of operation.
Adebayo further explained that his administration would restore the original subsidy regime that reserved 450,000 barrels of crude oil for local consumption. “All other derivatives from the 450,000 barrels like naphtha, heavy fuel oil, diesel, kerosene, etc. will be sold and the money used to maintain the regime price,” he said.
He added that the SDP would place petrol, cooking gas and Jet A1 under a controlled price regime.
“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. We will go to the National Assembly and demand to see that all the other derivatives that come from it like naphtha and all others, when we sell them, we use the money to equalise the price,” Adebayo stated.