Gbenga Hashim Proposes ₦605 Petrol Price as Starting Point

Dr. Gbenga Olawepo-Hashim, the presidential candidate of the Accord Party, announced that his proposed petrol price of ₦605 per litre is merely the initial step towards a comprehensive energy policy aimed at reducing prices to between ₦200 and ₦300 per litre. Hashim emphasized that Nigeria can achieve lower petrol prices without reverting to the previous subsidy regime.

He stated that the focus should be on the actual costs of crude production, refining, and distribution rather than solely on international prices. His campaign's cost model uses a domestic crude production price of $45 per barrel, leading to an estimated petrol price of approximately ₦502 per litre.

The proposed Energy Stabilisation Tax of ₦104 per litre brings the target price closer to ₦605. Hashim called for an independent forensic audit of the petroleum value chain to determine the true costs involved in producing and delivering petroleum products, urging transparency in the sector.