Presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel, also known as Jet A1, to no more than ₦200 per litre if elected president in the 2027 election.
Adebayo made the promise on Sunday while featuring on the News Agency of Nigeria (NAN) Personality Interview Series in Abuja. He said the proposed price reduction would be achieved within his first 12 months in office through the rehabilitation of Nigeria’s existing refineries and the creation of an enabling environment for modular refineries to operate.
Adebayo Targets ₦200 Fuel Price
According to the SDP candidate, his administration would place petrol, cooking gas and Jet A1 under a pricing regime that would prevent their prices from exceeding ₦200 per litre.
“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,” Adebayo said.
He argued that Nigeria possesses the crude oil resources and existing infrastructure needed to produce refined petroleum products locally, rather than continuing to depend heavily on imported products priced at international market rates.
Adebayo maintained that increasing domestic refining capacity would be central to reducing the cost of petroleum products and easing the economic burden on Nigerians.
Plan to Revive Existing Refineries
The SDP candidate said Nigeria’s decades-old refineries could still be made functional through proper rehabilitation. He pointed to older refineries in the United States that remain operational, arguing that the age of Nigeria’s refineries should not automatically make them obsolete.
His proposal also includes creating favourable conditions for modular refineries to operate across the country, which he said would complement the country’s major refining facilities and increase domestic supply.
Adebayo’s position is that Nigeria should focus on developing enough refining capacity to meet domestic demand rather than importing refined products and exposing consumers to international prices.
Proposal to Restore 450,000-Barrel Domestic Crude Arrangement
Adebayo also proposed restoring what he described as the original subsidy arrangement, under which 450,000 barrels of crude oil would be reserved for domestic consumption. Under his proposed model, the crude would be processed locally while other products derived from it—including naphtha, heavy fuel oil, diesel and kerosene—would be sold.
He said revenue generated from those products could then be used to support the proposed regulated prices for petrol, cooking gas and Jet A1. The SDP candidate said his administration would work with the National Assembly to establish the legal and financial mechanism required to operate the system.
Adebayo Dismisses Subsidy Debate
Adebayo also rejected the argument that removing petrol subsidies on its own would resolve Nigeria’s fiscal challenges. He described the continuing debate over subsidy removal as a “red herring,” arguing that the more fundamental issue was the country’s inability to adequately refine its own crude oil.
According to him, Nigeria should be concentrating on making its refineries functional and expanding domestic refining capacity instead of relying on imported petroleum products.
He said an SDP administration would ensure that the country maximises the value of its crude oil resources by refining more of them locally.
Cheaper Fuel Linked to Transport Plan
Adebayo also linked his proposed reduction in fuel prices to a broader transportation policy aimed at reducing Nigerians’ dependence on private vehicles.
He said an SDP government would expand public transportation and rail services, arguing that cheaper and more accessible transportation would help reduce the pressure of fuel costs on households and businesses.
He further proposed a system involving employment and student identification cards linked to public transportation services, with employers contributing toward workers’ transportation costs. According to his broader economic proposal, transportation costs would be limited to six per cent of workers’ salaries, while housing costs would be capped at seven per cent. He also pledged free education and healthcare under an SDP administration.
2027 Campaign Battle Over Cost of Living
Adebayo’s ₦200 fuel pledge adds another major economic promise to the emerging 2027 presidential campaign, where the cost of living, fuel prices, food prices and the future of petroleum subsidies are expected to remain major campaign issues.
The promise is likely to attract significant public attention, particularly among Nigerians who have faced increased transportation and household expenses following changes in the country’s petroleum pricing regime. However, achieving a uniform ₦200 price for petrol, cooking gas and aviation fuel would require substantial changes in domestic refining capacity, petroleum-sector financing and the mechanism for subsidising or equalising prices.
For Adebayo, the answer lies in using Nigeria’s crude oil resources and petroleum derivatives to support domestic prices rather than relying on imported refined products.
As the 2027 presidential contest gathers momentum, the SDP candidate is presenting the proposal as part of a wider economic programme aimed at reducing transportation costs, improving access to basic services and lowering the cost of living. OGM News NG will continue to monitor the 2027 presidential campaign and the economic proposals being presented by the various candidates.
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