Presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has promised that Nigerians would not pay more than ₦605 per litre for petrol under an Accord-led Federal Government if elected in the 2027 presidential election.
Hashim said the proposed price would be a sustainable starting point rather than a return to an opaque or financially burdensome subsidy regime. He further argued that the price could eventually fall to between ₦200 and ₦300 per litre if Nigeria succeeds in reducing petroleum production costs and stabilising the naira.
Speaking on the proposed policy, the Accord candidate declared that his administration would ensure that petrol remained affordable while protecting government revenue.
“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200,” he said.
Hashim, who has consistently criticised the removal of petroleum subsidy, argued that Nigeria’s approach to fuel pricing has failed to properly distinguish between the actual cost of producing petroleum products domestically and international market benchmarks.
According to him, comparing locally produced crude oil or refined petroleum products with international prices without first establishing the actual domestic cost of production can create a misleading impression about the extent of government subsidy.
He described the previous approach to subsidy calculations as “accounting magic,” insisting that Nigerians deserve greater transparency in determining the true cost of petroleum production and distribution.
“Any time you sell a product above its legitimate cost of production, refining, transportation and insurance, you cannot call the difference between that price and an international benchmark a subsidy loss. That is opportunity cost,” he argued.
The presidential hopeful said Nigeria must undertake a comprehensive review of the petroleum value chain, including crude oil production, refining, transportation, storage, insurance, pipeline operations, procurement and distribution.
He proposed an independent forensic audit to determine the actual cost of producing and delivering every litre of petrol to Nigerian consumers.
“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” Hashim said.
He maintained that the country should not automatically pass high production and distribution costs on to consumers without investigating the reasons for those costs.
Hashim questioned why Nigeria, despite being a major oil-producing country, continues to record relatively high petroleum-sector costs. He identified issues such as inefficient contracting, procurement practices, insecurity, operational challenges and possible cost inflation as areas requiring closer scrutiny.
“Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil. If the cost is genuine, show us the evidence. If it is inefficiency, corruption or inflated contracting, fix it,” he said.
According to him, Nigerian consumers are effectively paying twice for weaknesses in the petroleum sector—first through inefficient or inflated production costs and subsequently through high pump prices.
“The Nigerian people should not pay for inefficiency twice. They should not pay for inflated costs inside the system and then be told that the resulting high price is the inevitable consequence of subsidy removal,” he stated.
The Accord candidate said his proposed petrol pricing framework would be anchored on two major factors: an appropriate production cost and a stable exchange rate.
Hashim said an Accord administration would target an exchange rate of between ₦525 and ₦700 to the US dollar, arguing that greater exchange-rate stability would reduce the naira cost of imported inputs and improve economic predictability.
“We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate,” he said.
He also rejected suggestions that reducing petrol prices would necessarily deprive the government of revenue or reduce allocations to the three tiers of government through the Federation Account Allocation Committee.
Hashim insisted that cheaper petrol should not be achieved by making government financially weaker.
“The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer,” he said.
He explained that his approach would focus on reducing the underlying cost of petroleum production rather than simply transferring the financial burden between government and consumers.
The presidential candidate argued that affordable energy could have broader economic benefits, including lower transportation expenses, reduced production costs for manufacturers, increased household purchasing power and improved competitiveness for Nigerian businesses.
“Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another,” he said.
Hashim further explained that his projection of ₦200 to ₦300 per litre should not be interpreted as an immediate price promise. Rather, he described it as a possible medium-term outcome if Nigeria successfully addresses structural problems affecting production costs and exchange-rate stability.
“₦605 is the starting sustainable price. If we get production costs right and achieve the exchange-rate target, the price could come down to ₦200 or ₦300,” he said.
He also promised that an Accord government would prioritise domestic refining, improve transparency across the petroleum industry and tackle leakages and waste within the sector.
On the controversial issue of subsidy, Hashim argued that government intervention should not be dismissed outright, provided it is transparent, accountable and directed towards measurable economic and social objectives.
“The issue is not whether government can intervene. The issue is whether government intervention is transparent, productive and accountable. Subsidy should protect Nigerians and the productive economy, not enrich intermediaries,” he said.
He called for a shift in the national conversation on petrol pricing, arguing that political arguments should give way to evidence-based economic analysis.
According to him, Nigerians should be provided with verifiable information on the cost of producing crude oil, refining petroleum products, transporting them and distributing them before the government determines what consumers should pay.
“Let the data speak. Tell Nigerians exactly what it costs to produce the crude, what it costs to refine it, what it costs to transport it and what every margin represents. Then we can have an honest conversation about subsidy,” he said.
Hashim said the 2027 presidential election should provide Nigerians with an opportunity to compare the economic policies and development models being offered by competing political parties.
He maintained that affordable fuel and strong government finances were not mutually exclusive, insisting that proper management of Nigeria’s resources could achieve both objectives.
“Nigeria does not have to choose between affordable petrol and government revenue. We can have both. But we must stop using accounting to hide inefficiency and start using economics to build prosperity,” Hashim said.
