Donald Duke Advocates for Petrol Pricing Based on Production Costs

Donald Duke, the former Governor of Cross River State and 2027 presidential candidate of the Peoples Redemption Party, expressed his opposition to fuel subsidies during an interview with Vanguard. He argued that Nigerians should benefit from the country's crude oil at production costs instead of international market prices.

Duke illustrated his point by comparing it to water pricing, stating that subsidies occur when products are sold below their purchase price due to affordability issues. He emphasized that Nigeria produces about 1.7 million barrels of crude oil daily, with a need for approximately 300,000 barrels, and suggested that the cost of production, which he estimated at around $40 per barrel, should dictate petrol pricing.

Duke proposed that diesel and petrol be sold at production costs, while other byproducts could be sold at commercial rates, potentially allowing petrol prices to range between ₦200 and ₦300 per litre.