I’ll Reduce Petrol To N605/Litre If Elected President — Gbenga Hashim

The embattled presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has pledged to reduce the price of petrol to N605 per litre if elected president in 2027.

Hashim said his proposed N605 pump price would represent a sustainable market rate rather than a return to the opaque subsidy regime previously operated by successive administrations.

The Accord candidate, who has consistently criticised the removal of petrol subsidy, said the government must first determine the actual cost of producing, refining, transporting and distributing petroleum products before declaring that Nigerians are being subsidised.

He made the remarks while outlining his economic agenda, arguing that Nigeria’s petroleum pricing system had been distorted by the use of international benchmarks to determine domestic costs.

According to him, the difference between the domestic price of petroleum products and international benchmarks should not automatically be classified as a subsidy loss when the resources are produced domestically.

“N605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above N610 under our government. It could be as low as N200,” he said.

Hashim called for an independent forensic audit of the petroleum sector to establish the actual cost of crude oil production and the expenses incurred in refining, transportation, storage, insurance, pipeline operations and distribution.

He said the audit should also scrutinise contracting and procurement practices, as well as possible inefficiencies and cost inflation across the petroleum value chain.

“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said.

The presidential candidate argued that Nigerians should not be made to bear the cost of inefficiencies within the petroleum industry through higher pump prices.

“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.

Hashim said his proposed pricing framework would be driven largely by lower production costs and exchange-rate stability.

He said an Accord government would target an exchange rate of between N525 and N700 to the US dollar, arguing that a more stable naira would help reduce the cost of petroleum-sector inputs.

“We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate,” he said.

Hashim also rejected the suggestion that cheaper petrol under his administration would come at the expense of government revenue or allocations to states and other tiers of government through the Federation Account Allocation Committee.

“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,” he said.

He maintained that reducing energy costs could have wider economic benefits by lowering transportation and production expenses, improving household purchasing power and stimulating economic activity.

According to him, the proposed N200-N300 per litre range should be seen as a medium-term possibility if the country succeeds in reducing production costs and stabilising the exchange rate, rather than an immediate price promise.

Hashim also promised to accelerate domestic refining and improve transparency across the petroleum value chain while eliminating waste and leakages.

He said government intervention in petrol pricing could be justified if it was transparent, targeted and designed to protect consumers and productive sectors rather than intermediaries.

“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 said.

Hashim said the 2027 presidential election should focus on competing economic policies and 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,” he said.