Adewole Adebayo vows to reduce fuel prices to N200 per litre

Adewole Adebayo, the Social Democratic Party (SDP) presidential candidate for the 2027 elections, has pledged to reduce the prices of petrol, cooking gas, and aviation fuel (Jet A1) to N200 per litre within one year of taking office.

Adebayo stated in Abuja that this target would be achieved by rehabilitating Nigeria’s existing refineries and fostering an environment for modular refineries to operate. He argued that the country’s current refineries are still serviceable and noted that older facilities in the United States remain functional.

To sustain these prices, Adebayo proposes restoring an original subsidy arrangement where 450,000 barrels of crude oil are reserved for domestic consumption. He plans to sell other derivatives from this crude, such as naphtha, diesel, and kerosene, using the revenue to equalize the prices of petrol, gas, and Jet A1. He emphasized that Nigeria should prioritize developing domestic refining capacity rather than relying on expensive imported refined products.

Additionally, Adebayo is set to unveil a governance blueprint titled ‘Farewell to Poverty and Insecurity: Governance & Accelerated Development – Blueprint of a New Nigeria, 2027–2031’, which aims to address economic and security challenges through structural reforms.