Presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has said his proposed N605 per litre petrol price was only the starting point of a broader energy policy that could eventually bring the price down to between N200 and N300 per litre.
Hashim, who has been campaigning on an energy security first agenda, said Nigeria could achieve cheaper petrol without returning to the opaque subsidy regime that existed before the 2023 reform.
The energy executive noted in a statement issued on Monday, that the fundamental question Nigeria should answer is not simply how much petrol sells for internationally, but how much it actually costs Nigeria to produce crude, refine it and deliver the finished product to Nigerian consumers.
Hashim’s campaign used a domestic crude production of $45 per barrel in explaining the proposed starting price. This includes NNPC and standard industry upper limit cost of $30 plus $15 margin.
According to the Hashim campaign cost model, a standard barrel of crude gives 159 litres. At $57 divided by 159, petrol will be approximately $0.3585 per litre.
