Adebayo Promises to Slash Petrol Prices to N200 per Litre by 2027

In a bold promise ahead of the 2027 presidential elections, Prince Adewole Adebayo, the candidate representing the Social Democratic Party (SDP), has committed to drastically lowering the price of petrol to N200 per litre. During an interview with the News Agency of Nigeria (NAN) in Abuja, Adebayo outlined his strategy to achieve this ambitious target within a year of his election by focusing on the revival of Nigeria's aging refineries and fostering an environment conducive to the operation of modular refineries.

Adebayo emphasized that Nigeria's existing refineries, despite their age, are far from obsolete and can be rehabilitated to meet the nation's fuel demands. He pointed to the operational longevity of refineries in the United States, some of which are over a century old, as a testament to the potential for Nigeria's facilities to be restored. “The age of a refinery does not determine its viability; it’s all about proper management and investment,” Adebayo stated.

In addition to reducing petrol prices, Adebayo proposed reinstating the original subsidy regime that allowed for 450,000 barrels of crude oil to be reserved for local consumption. He articulated a vision where the revenue from other petroleum products—such as naphtha, heavy fuel oil, diesel, and kerosene—could help sustain this pricing structure. “The ongoing debate over petrol subsidy is merely a distraction from the real issues plaguing our petroleum sector,” he asserted, urging a shift in focus towards enhancing domestic refining capabilities rather than continuing reliance on imported fuels.

Adebayo's commitment has stirred discussions about the feasibility of such promises in light of Nigeria's current economic challenges. Many observers are keen to see how his proposals will resonate with voters who are increasingly concerned about fuel prices and the broader implications for the economy. As the political landscape evolves, Adebayo’s vision for the petroleum sector could play a pivotal role in shaping his campaign and the future of Nigeria’s energy policies.