Nigeria’s long-running petrol-price drama has entered another intriguing chapter after Accord Party presidential candidate Gbenga Olawepo-Hashim argued that petrol could sell for about ₦605 per litre without turning the Federal Government’s accounts into a national emergency. The politician described the familiar fuel-subsidy argument as “accounting magic” and insisted that Nigerians deserve to see the actual numbers behind the cost of producing, refining, transporting and distributing petrol.
₦605 Petrol: A Number Nigerians May Want to Frame
Olawepo-Hashim’s proposal is that ₦605 per litre should serve as a sustainable starting price under an Accord administration, with the possibility of reducing the figure to between ₦200 and ₦300 if production costs and the exchange rate are brought under control. He has also said Nigerians would not pay more than ₦610 per litre under his proposed administration.
That promise, naturally, arrives at a time when every naira attached to the fuel pump seems to come with its own mathematics degree. Olawepo-Hashim argues that Nigeria should stop treating the difference between domestic and international benchmark prices as an automatic subsidy loss. In his view, the country needs to establish the genuine cost of its own petroleum before deciding exactly what Nigerians are supposedly being subsidised to receive.
Petrol Could Fall to ₦200–₦300, Olawepo-Hashim Says
The politician has called for an independent forensic audit covering crude production, contracting, procurement, refining, transportation, storage, insurance, pipelines and distribution. His argument is straightforward: publish the figures, expose the margins and allow Nigerians to see exactly where the money goes before another round of fuel-price mathematics begins.
The satire almost writes itself: Nigerians have spent years watching petrol prices rise while explanations arrive with enough economic terminology to make a calculator request legal representation. Olawepo-Hashim says the country can have affordable energy and healthy government revenue at the same time, provided production costs, exchange-rate policy and inefficiencies are properly addressed. Whether ₦605 eventually becomes a pump price, campaign promise or another number destined for the political museum will depend on the economics behind the proposal.
For now, the central question remains firmly on the table: what does it genuinely cost to put one litre of petrol into a Nigerian vehicle? As the 2027 political season approaches, Nigerians may want to keep their calculators nearby and watch for the next chapter of the fuel-pricing debate. OGM News NG will continue to follow the numbers, the promises and, hopefully, the accounting behind them.
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