Donald Duke Proposes ₦300 Petrol Price Amid High Security Costs

Donald Duke, the presidential candidate of the People’s Redemption Party, stated that Nigeria allocates more funds to securing its crude oil than to its extraction. During an interview with ARISE NEWS, he noted that security costs and deteriorating infrastructure have significantly increased production expenses, contributing to high petrol prices.

Duke indicated that the actual production cost of crude oil in Nigeria ranges from $12 to $15 per barrel, while security costs raise this to between $25 and $45. He proposed that reducing production and refining costs could lower petrol prices, suggesting a target price of ₦300 per litre, rather than ₦200.

Duke explained that transportation and refining costs contribute to the overall price, estimating it at $48 per barrel. He acknowledged that achieving the ₦300 price might be challenging due to existing government commitments.

Duke recommended sourcing domestic crude oil and purchasing additional supplies from local producers to reduce transportation costs.