Hashim called for an independent forensic audit of Nigeria’s petroleum cost structure, covering crude oil production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution.
The presidential candidate of the Accord Party, Dr. Gbenga Olawepo-Hashim, has said Nigerians should not pay more than ₦605 per litre for petrol under an Accord administration, arguing that the price could eventually fall to as low as ₦200 if Nigeria addresses its production costs and exchange rate.
Hashim said the proposed ₦605 per litre price would be a sustainable market price rather than an artificially subsidised rate, insisting that lowering the cost of petrol would not come at the expense of government revenue or allocations to states and other tiers of government through the Federation Account Allocation Committee (FAAC).
“₦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 opposed the removal of the petroleum subsidy, said the key to reducing petrol prices was not a return to an opaque subsidy regime but a fundamental restructuring of what he described as Nigeria’s distorted petroleum production, pricing and accounting systems.
