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Gbenga Olawepo-Hashim proposes ₦605 starting petrol price
Gbenga Olawepo-Hashim, a presidential candidate for the Accord Party, has proposed a plan to stabilize petrol prices in Nigeria, suggesting a starting sustainable price of ₦605 per litre. He stated that if production costs are optimized and the exchange rate is stabilized, prices could eventually drop to between ₦200 and ₦300 per litre.
Olawepo-Hashim argues that these price reductions can be achieved without reducing government revenue or allocations to the Federation Account Allocation Committee (FAAC). He contends that the current approach to subsidy removal is based on “accounting magic,” arguing that domestic prices should be determined by the actual costs of production, refining, transportation, and distribution within Nigeria, rather than being benchmarked against international market prices.
He further suggested that the difference between domestic costs and international benchmarks should be viewed as an opportunity cost rather than a subsidy loss, especially when utilizing domestic crude resources.
Entities
Accord Party · Federation Account Allocation Committee · Gbenga Olawepo-Hashim · Nigeria
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Achieving lower prices requires correcting Nigeria’s petroleum cost and accounting structure rather than using an opaque subsidy regime. sahelstandard.com · www.nigerianeye.com · www.thisdaylive.com
- [● 3 SOURCES] Lowering petrol prices would not require reducing government revenue or Federation Account Allocation Committee (FAAC) allocations. sahelstandard.com · www.nigerianeye.com · www.thisdaylive.com
- [● 3 SOURCES] The starting sustainable price for petrol under an Accord administration would be ₦605 per litre. sahelstandard.com · www.nigerianeye.com · www.thisdaylive.com
- [● 3 SOURCES] Petrol prices could potentially fall to between ₦200 and ₦300 if production costs and exchange rates are stabilized. sahelstandard.com · www.nigerianeye.com · www.thisdaylive.com
- [● 2 SOURCES] Comparing domestic petroleum costs to international benchmarks creates a misleading impression of subsidy losses. sahelstandard.com · www.thisdaylive.com