Makinde Calls for New Petrol Pricing Formula in Nigeria

Seyi Makinde, the Governor of Oyo State and 2027 presidential candidate of the African People’s Movement (APM), has urged a reevaluation of how petrol prices are determined in Nigeria. In his September newsletter, he stated that the current debate over fuel subsidy is overlooking the more critical issue of whether Nigeria employs an appropriate pricing system for an oil-producing nation.

Makinde emphasized that Nigerians deserve clarity on how petrol prices are calculated, including factors such as crude oil benchmarks, refining costs, exchange rates, and taxes. He criticized the notion that high petrol prices are necessary to deter smuggling, arguing that citizens should not bear the financial burden of government failures in border security.

He asserted that the focus should shift from merely debating the restoration of subsidies to assessing the fairness of the existing pricing framework. Makinde announced plans to present an alternative petroleum pricing framework in the coming weeks for public evaluation.