Adebayo Vows to Crash Petrol Price to N200/litre Within One Year

Prince Adewole Adebayo, the presidential candidate of Nigeria's Social Democratic Party (SDP), has pledged to reduce petrol prices in the country. If elected president in 2027, he plans to lower the price of petrol, cooking gas, and aviation fuel to N200 per litre within one year.

Adebayo believes that reviving local refineries and creating an enabling environment for modular refineries will help achieve this goal. He argues that Nigeria's refineries are still serviceable despite being 50 years old and that some refineries in the United States, which are over 100 years old, are still operational.

The presidential candidate also plans to restore the original subsidy regime, which reserved 450,000 barrels of crude oil for local consumption. He believes that this will help maintain a regime price and ensure that the money is used to support the local industry.