Duke Proposes N200 Petrol Price to Tinubu

Former Governor Donald Duke has called on President Bola Tinubu to implement a strategy to reduce petrol prices in Nigeria by changing the pricing mechanism for domestic crude oil. Duke, a former presidential candidate for the Peoples Redemption Party, emphasized that Nigerian crude oil is a national resource belonging to its citizens.

He pointed out that Nigeria produces approximately 1.7 million barrels of crude oil daily, with only about 300,000 barrels required for domestic use. Duke proposed that instead of charging local refineries international market rates, the domestic crude should be priced at its actual production cost.

He argued that petrol is just one of several products derived from a barrel of crude oil and should not bear the financial burden of the entire barrel. By selling other by-products at full commercial rates and adding a modest margin for local refining and distribution, Duke believes the government could lower petrol prices to between N200 and N300 per litre, promoting economic activity without reverting to unsustainable subsidy practices.