By Jelili Gbadamosi
Adewole Adebayo,the presidential candidate of the Social Democratic Party (SDP), has unveiled a plan to reduce the cost of key petroleum products to no more than N200 per litre if elected president in the 2027 general elections.
Adebayo said his administration would achieve the target within 12 months of assuming office by reviving Nigeria’s existing refineries and supporting the establishment and operation of modular refineries.
Speaking in an interview with the News Agency of Nigeria (NAN) on Sunday, the SDP candidate argued that the age of Nigeria’s refineries should not prevent the government from rehabilitating them.
He cited refineries in the United States that have remained operational for more than a century, saying Nigeria could similarly restore its ageing facilities to productive use.
Under his proposed pricing policy, Adebayo said petrol, cooking gas and Jet A1 would be placed under a regime designed to prevent their prices from exceeding N200.
“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,” he said.
Adebayo also proposed a return to the original fuel subsidy arrangement, which he said involved reserving 450,000 barrels of crude oil daily for domestic consumption.
He maintained that increasing domestic refining capacity and ensuring sufficient crude supply for local processing would help reduce the pressure on petroleum prices and make energy more affordable for Nigerians.
The SDP candidate is expected to face other contenders in the 2027 presidential race, with the cost of living and fuel prices likely to remain major issues in the election campaign.
