Gbenga Olawepo-Hashim, Accord presidential candidate, says petrol would sell for ₦605 per litre under his proposed administration and could eventually fall to between ₦200 and ₦300 if production costs and the exchange rate are stabilised. Olawepo-Hashim said the proposed ₦605 price would be sustainable rather than an artificial subsidy, insisting that the arrangement would not […]
Gbenga Olawepo-Hashim, Accord presidential candidate, says petrol would sell for ₦605 per litre under his proposed administration and could eventually fall to between ₦200 and ₦300 if production costs and the exchange rate are stabilised.
Olawepo-Hashim said the proposed ₦605 price would be sustainable rather than an artificial subsidy, insisting that the arrangement would not reduce government revenue or FAAC allocations.
He promised that Nigerians would not pay more than ₦610 per litre for petrol under his government.
“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200,” he said.
He explained that the projected reduction to ₦200 or ₦300 would depend on lowering production costs and achieving his proposed exchange-rate target.
Olawepo-Hashim argued that petrol prices should be based on the actual cost of production, refining, transportation and distribution in Nigeria rather than being automatically linked to international market prices.
He criticised the previous justification for subsidy removal as “accounting magic”, arguing that the difference between domestic prices and international benchmarks should not automatically be regarded as a subsidy loss.
The Accord candidate called for an independent forensic audit of the petroleum value chain to establish the true cost of delivering petrol to consumers.
He said the audit should examine crude production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution.
“Show Nigerians the books. Publish the production cost. Publish the refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said.
Olawepo-Hashim also questioned Nigeria’s high crude production costs, identifying contracting, procurement, insecurity, inefficiency and possible cost inflation as areas that should be investigated.
He said Nigerians should not bear higher petroleum costs without the government first explaining why it is expensive to produce the country’s own crude oil.
He further proposed an exchange-rate target of between ₦525 and ₦700 to the dollar, arguing that greater stability would reduce the naira cost of petroleum-sector inputs.
Olawepo-Hashim insisted that lower petrol prices would not mean lower government revenue or reduced FAAC allocations.
He argued that cheaper energy could lower transportation and manufacturing costs, boost production and increase household purchasing power.
The presidential candidate stressed that the ₦200 to ₦300 projection was a possible medium-term outcome rather than an immediate promise.
He also advocated faster domestic refining, greater transparency in the petroleum sector and measures to reduce waste and leakages.
Olawepo-Hashim maintained that government intervention in petrol pricing could be justified if it was transparent, targeted and accountable.
He urged Nigerians to demand verifiable data on petroleum production and distribution costs, saying the 2027 election should focus on economic policies rather than personalities.