Donald Duke, the former governor of Cross River State and the presidential candidate for the Peoples Redemption Party (PRP) in the upcoming 2027 elections, has unveiled an ambitious plan to reduce petrol prices to approximately N300 per litre. This proposal was made during his recent appearance on Channels Television, where he criticized the current administration's economic policies and outlined his vision for the petroleum sector.

Duke's strategy revolves around a fundamental shift in how petroleum products are priced for local consumption. He contends that the current practice of aligning local prices with international market rates is unjust, particularly for low-income Nigerians who struggle to afford fuel. He described the existing subsidy framework as misleading and emphasized that local prices should reflect production costs rather than global market fluctuations.

In his discussion, Duke stated, "The subsidy regime thing, this whole thing is a scam. I'm going to price petroleum products for local consumption at production costs, not at international market costs." He provided a breakdown of his pricing rationale, indicating that the production cost of petrol is around $45, which includes refining and processing. He pointed out the disparity where Nigerians are paying prices significantly higher than the production cost, which he believes is financially burdensome for the average citizen.

Duke highlighted the economic strain that current fuel prices impose on Nigerians, noting that with a basic minimum wage of N70,000, a significant portion of an individual's salary is consumed just by filling a fuel tank. He expressed concern for the financial well-being of ordinary Nigerians, stating, "You don't want them to breathe, and your people are notably the poorest in the world. They can't afford it."

To achieve his proposed price of N300 per litre, Duke outlined a plan to allocate Nigeria's crude oil production into two distinct streams: one for domestic use and the other for export. He suggested that 600,000 barrels per day should be set aside for local consumption, with the remaining volume available for international sale. This allocation strategy is designed to ensure that domestic fuel prices are more manageable for the average Nigerian.

Duke's proposal comes as Nigeria grapples with fluctuating oil prices and economic challenges. The country currently produces an average of 1.68 million barrels of crude oil per day and consumes approximately 60.2 million litres of petrol daily, according to industry data. His pricing model aims to alleviate the financial burden of fuel costs on citizens and is a key component of his economic agenda as he campaigns for the presidency.

As the 2027 elections approach, Duke's plan to cut petrol prices significantly could resonate with voters who are increasingly concerned about the rising cost of living and the impact of fuel prices on their daily lives.