Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate, has pledged to reduce the price of petrol, cooking gas and aviation fuel (Jet A1) to N200 per litre if elected in 2027. Speaking in Abuja on Sunday during an interview with NAN, Adebayo said the pricing plan would be implemented within one year of assuming office. He attributed the feasibility of the plan to the revival of Nigeria's existing refineries and the expansion of modular refinery operations to reduce reliance on imported refined petroleum products.
Adebayo argued that the age of Nigeria's refineries should not prevent their rehabilitation, citing operational refineries in the United States over 100 years old as proof. He stated that his administration would place petrol, cooking gas and Jet A1 under a fixed pricing regime that caps costs at N200 per litre. This framework would be supported by restoring what he called the original subsidy system, which reserves 450,000 barrels of crude oil daily for domestic refining. The refined byproducts—naphtha, heavy fuel oil, diesel and kerosene—would be sold, with proceeds used to sustain the proposed pricing model. Adebayo added that the SDP would collaborate with the National Assembly to establish a legal mechanism for allocating revenue from these derivatives to uphold the price cap.
Adebayo's promise to cap fuel prices at N200 per litre hinges on reviving refineries and rerouting crude for local processing, yet the plan does not detail how immediate funding, technical capacity or regulatory hurdles will be overcome. Without specifics on implementation timelines or cost estimates, the proposal remains a theoretical framework rather than a measurable policy roadmap.
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