2027: Petrol Can Sell for ₦605 Under Accord Government — Gbenga Hashim

Presidential candidate of the Accord Party, Dr Gbenga Olawepo-Hashim, has promised to reduce the price of petrol to a sustainable starting point of ₦605 per litre if elected president in 2027.

Hashim said the price could eventually fall to between ₦200 and ₦300 per litre if his administration succeeds in reducing petroleum production costs and stabilising the naira exchange rate.

The presidential hopeful made the proposal while outlining his economic approach to petrol pricing, arguing that Nigerians should not be forced to bear the burden of what he described as inefficiencies within the country’s petroleum value chain.

“N605 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,” he said.

Hashim, a former presidential candidate and businessman, said his proposal would not involve returning to what he described as an opaque subsidy regime.

Instead, he called for a fundamental review of the cost of producing, refining, transporting and distributing petrol in Nigeria.

He criticised the economic justification previously used for petrol subsidy removal, describing it as “accounting magic”.

According to him, comparing the domestic price of petroleum products with international benchmark prices does not automatically establish that the government is subsidising consumers.

“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,” he argued.

Hashim said Nigeria must first determine the actual cost of producing and delivering petroleum products before deciding what consumers should pay.

He proposed an independent forensic audit of the petroleum sector’s cost structure, covering crude oil production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution.

The Accord candidate said the audit should result in the publication of the actual cost of delivering every litre of petrol to Nigerian consumers.

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

Hashim also questioned why Nigeria’s oil production costs remain high compared with those of other major oil-producing countries.

He identified contracting practices, procurement, insecurity, operational inefficiencies and possible cost inflation as areas that should be investigated.

“Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil,” he said.

The Accord candidate argued that Nigerians were effectively paying twice for inefficiencies in the petroleum sector; first through higher production and operating costs and again through increased pump prices.

“The Nigerian people should not pay for inefficiency twice,” he said.

Hashim said his proposed petrol pricing model would be driven principally by two factors: appropriate production costs 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 greater exchange-rate stability would reduce the naira cost of inputs across the petroleum industry and the wider economy.

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

The presidential candidate also insisted that cheaper petrol would not mean reduced government revenue or lower allocations to states and local governments through the Federation Account Allocation Committee (FAAC).

“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.

According to Hashim, the objective would be to lower the underlying cost of petroleum production rather than simply shifting the financial burden between government and consumers.

He argued that cheaper energy would have broader economic benefits, including lower transportation and manufacturing costs, increased household purchasing power and greater economic activity.

“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.

Hashim described the ₦200–₦300 price range as a potential medium-term outcome rather than an immediate price promise.

He said the proposed ₦605 starting price could decline further if his administration succeeds in lowering production costs and achieving its exchange-rate objectives.

“₦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,” he said.

The Accord candidate also promised accelerated domestic refining, greater transparency across the petroleum value chain and measures aimed at eliminating waste and financial leakages.

While maintaining his opposition to the blanket removal of petrol subsidies, Hashim said government intervention in the sector should not automatically be considered wrong.

He argued that subsidies could be justified when they are transparent, targeted and designed to produce measurable economic benefits.

“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable,” he said.

Hashim said the 2027 presidential election should focus on competing economic policies rather than personalities.

“Nigeria does not have to choose between affordable petrol and government revenue. We can have both,” he said, adding that the country must replace what he described as opaque accounting with sound economic management.