2027: I’ll Crash Petrol Price to N200 Per Litre Within 12 Months — SDP’s Adebayo

The presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel, Jet A1, to N200 per litre if elected president in 2027.

Adebayo made the pledge on Sunday in Abuja, saying his administration would achieve the proposed reduction within 12 months through the revival of Nigeria’s existing refineries and the creation of an enabling environment for modular refineries.

He argued that the country’s refineries, despite being decades old, remained capable of serving domestic needs if properly rehabilitated. He cited older refineries in the United States that are still operating as evidence that the age of Nigeria’s facilities should not prevent their restoration.

The SDP candidate also proposed restoring what he described as the original subsidy regime, under which 450,000 barrels of crude oil were reserved for domestic consumption.

He said the crude would be refined locally, while other petroleum derivatives, including naphtha, heavy fuel oil, diesel and kerosene, would be sold, with the proceeds used to sustain the proposed price regime.

Adebayo said his administration would work with the National Assembly to establish a mechanism through which revenue generated from the other petroleum derivatives could support the pricing arrangement.

He argued that Nigeria should concentrate on developing adequate domestic refining capacity instead of importing refined petroleum products at international prices.

According to him, Nigeria already has two major advantages: crude oil resources and existing refining infrastructure.

Adebayo also rejected the argument that subsidy removal alone would solve Nigeria’s fiscal challenges, describing the debate as a distraction from the fundamental problems confronting the petroleum sector.

He said Nigerians would not have to contend with fuel subsidy under an SDP administration, arguing that subsidy should not be treated as a government economic programme.

The presidential candidate linked his fuel-price proposal to a broader transportation policy involving expanded public transport and rail services.

He proposed that workers and students would access public transportation through employment and student identification cards, while employers would contribute six per cent of workers’ salaries towards transportation.

Adebayo said the measures would reduce transportation costs and stimulate economic activity.

He further promised to limit housing costs to seven per cent of workers’ salaries, alongside free education and healthcare, while prioritising agriculture and food security to make food more affordable.