Accord presidential candidate Gbenga Olawepo-Hashim says petrol can fall to ₦200 per litre without reducing government revenue or FAAC allocations.
Presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, says petrol should not sell above ₦605 per litre under an Accord administration, arguing that the price could eventually fall to as low as ₦200.
Hashim said the ₦605 figure would be a sustainable starting price rather than an artificially subsidised rate, insisting that lower petrol prices would not come at the expense of government revenue or Federation Account Allocation Committee, FAAC, revenues.
“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200.”
The Accord candidate, who has consistently opposed the removal of petrol subsidy, described the previous justification for subsidy removal as “accounting magic”, arguing that Nigeria must first establish the genuine cost of producing, refining, transporting and distributing petrol.
“Any time you sell a product above its legitimate cost of production, refining, transportation and insurance, you cannot call the difference between that price and an international benchmark a subsidy loss. That is opportunity cost.”
Hashim said Nigeria had often approached petrol pricing by comparing domestic crude or refined-product values with international market prices, rather than determining what it actually costs to produce and deliver petrol to Nigerian consumers.
“A country does not subsidise itself simply because it chooses to use its own resources to provide affordable energy to its citizens.”
He called for an independent forensic audit of Nigeria’s petroleum cost structure, covering crude production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution.
“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak.”
Hashim argued that Nigeria’s high petroleum costs should not simply be transferred to consumers without first examining the factors responsible for them.
“Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil. If the cost is genuine, show us the evidence. If it is inefficiency, corruption or inflated contracting, fix it.”
He said Nigerians were effectively paying twice for inefficiencies in the petroleum sector — through inflated production costs and higher pump prices.
“The Nigerian people should not pay for inefficiency twice. They should not pay for inflated costs inside the system and then be told that the resulting high price is the inevitable consequence of subsidy removal.”
Hashim said his proposed pricing framework would be based on two key variables: an appropriate production cost and an appropriate exchange rate.
He said an Accord administration would target an exchange rate of between ₦525 and ₦700 to the US dollar, arguing that exchange-rate stability would significantly reduce the naira cost of petroleum-sector inputs.
“We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate.”
He stressed that the proposed reduction in petrol prices would not be funded by reducing government revenue.
“The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer.”
According to Hashim, the objective would be to reduce the underlying cost of production rather than shift the burden between government and consumers.
“Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another.”
He said a petrol price of between ₦200 and ₦300 per litre should be viewed as a potential medium-term outcome of correcting Nigeria’s economic fundamentals.
“₦605 is the starting sustainable price. If we get production costs right and achieve the exchange-rate target, the price could come down to ₦200 or ₦300.”
Hashim also promised accelerated domestic refining, greater transparency across the petroleum value chain and measures to eliminate waste and leakages.
He maintained that government intervention in petrol pricing should not automatically be considered illegitimate, provided it is transparent, targeted and tied to measurable economic objectives.
“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable. Subsidy should protect Nigerians and the productive economy, not enrich intermediaries.”
He urged policymakers to shift the petrol pricing debate away from political slogans and focus on the actual costs across the petroleum value chain.
“Let the data speak. Tell Nigerians exactly what it costs to produce the crude, what it costs to refine it, what it costs to transport it and what every margin represents. Then we can have an honest conversation about subsidy.”
Hashim said the 2027 election should be a contest between competing economic models rather than personalities.
“Nigeria does not have to choose between affordable petrol and government revenue. We can have both. But we must stop using accounting to hide inefficiency and start using economics to build prosperity.”
