The presidential candidate of the Social Democratic Party (SDP) in the 2027 general elections, Prince Adewole Adebayo, has pledged to reduce the prices of petrol, cooking gas and aviation fuel (Jet A1) to N200 per litre within his first year in office if elected president.
Adebayo made the promise on Sunday while speaking during the News Agency of Nigeria (NAN) Personality Interview Series in Abuja.
The SDP standard bearer said the proposed price reduction would be achieved by reviving Nigeria’s existing refineries and creating an enabling environment for modular refineries to operate.
According to him, Nigeria’s refineries, despite being decades old, remain serviceable. He cited refineries in the United States that are more than 100 years old and still operating, arguing that age should not be used as a reason to abandon the country’s local refining plants.
Adebayo also promised to restore what he described as the ‘original subsidy arrangement’, under which 450,000 barrels of crude oil were reserved for domestic consumption.
According to him, ‘all other derivatives from the 450,000 barrels like naphtha, heavy fuel oil, diesel, kerosene, etc. will be sold and the money used to maintain the regime price’.
He said proceeds from the sale of the other derivatives would be used to equalise prices and ensure that petrol, cooking gas and Jet A1 do not exceed N200 per litre under an SDP government.
‘SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,’ he further stated.
Adebayo argued that the national debate over fuel subsidy had distracted attention from what he described as the real problem – inadequate domestic refining capacity.
He said subsidy was not a government economic programme and argued that Nigerians would not need to debate the issue under his administration.
According to him, ‘the priority should be to develop adequate domestic refining capacity instead of relying on imported petroleum products sold at international prices’.
The SDP candidate linked cheaper fuel to wider reforms in transportation, housing and social welfare.
He promised to expand public transportation and rail services to reduce Nigerians’ dependence on private vehicles.
According to him, workers and students would be able to access public transport with identification cards without direct payment, while employers would contribute six per cent of workers’ salaries towards transportation.
He also proposed capping housing costs at seven per cent of workers’ salaries, alongside free education and healthcare, while placing greater emphasis on agriculture to ensure food affordability and security.
According to him, ‘the summary of it is that transportation costs cannot go more than six per cent of your salary and housing costs should not be more than seven per cent of your salary; education and healthcare should be free,’.
Adebayo said the combination of cheaper fuel, improved public transportation and expanded rail services would reduce the cost of movement and stimulate economic activities.
He maintained that Nigeria had a major advantage in its crude oil reserves and existing refining infrastructure, which he said an SDP administration would fully harness.