Accord Party's Olawepo-Hashim Proposes N605 Petrol Price

Gbenga Olawepo-Hashim, a chieftain of the Accord Party and factional presidential candidate, stated that petrol should not sell for more than N605 per litre. He made these remarks on Saturday, criticizing the Federal Government's approach to the fuel subsidy debate, which he described as “accounting magic.” Hashim argued that the inflated petrol prices were due to the government's pricing methods rather than the actual production costs.

He proposed that N605 per litre would not signify a return to a subsidy regime but would reflect a sustainable cost structure. Hashim highlighted that the government must determine the actual costs of crude production, refining, and transportation before assessing whether Nigerians are being subsidized.

He cited figures from the Nigerian National Petroleum Company Limited, estimating domestic crude production costs at about $30 per barrel, leading to a calculated petrol price of approximately N501 per litre. He suggested that the N605 price would allow for an additional energy tax of N100 per litre for alternative energy development.