Duke Advocates Domestic Crude Pricing at Production Cost

Donald Duke, the former governor of Cross River State and presidential candidate of the Peoples Redemption Party (PRP), stated that Nigeria should price domestic crude oil at its production cost instead of the international market price. He made these comments during an interview in Abuja, addressing the ongoing debate surrounding former Vice-President Atiku Abubakar’s proposal to restore petrol subsidy if elected in 2027.

Duke emphasized that Nigeria needs approximately 300,000 barrels of crude oil daily for domestic consumption out of an estimated production of 1.7 million barrels. He argued that the crude allocated for domestic refining should be priced based on production costs, which he estimates to be around $40 per barrel, rather than the market price of $70 to $80.

Duke suggested that the revenue from other by-products of crude oil, such as diesel and aviation fuel, should be factored into the pricing of petrol. He believes that affordable energy is crucial for stimulating Nigeria's economy.