Olawepo-Hashim Proposes ₦605 Petrol Price Plan

Gbenga Olawepo-Hashim, the presidential candidate of the Accord Party, announced that under his administration, no Nigerian would pay more than ₦610 per litre for petrol, with an initial sustainable price set at ₦605 per litre. He aims to eventually lower the price to ₦200 per litre.

Hashim criticized the justification for the removal of the petroleum subsidy, labeling it "accounting magic," and argued that Nigeria's petrol pricing should reflect actual production costs rather than international benchmarks. He proposed an independent forensic audit of the petroleum value chain to ascertain the true costs involved in delivering petrol to consumers.

Hashim identified high production costs due to inefficiencies and insecurity as key issues. He also emphasized the need for exchange-rate reform, targeting a naira-to-dollar rate between ₦525 and ₦700 to stabilize costs.

His policy framework aims to reduce production costs without compromising government revenue, ultimately leading to cheaper energy and increased household purchasing power.