Adebayo Vows to Crash Petrol Price to N200 Per Litre Within 12 Months

Prince Adewole Adebayo, the presidential candidate of Nigeria's Social Democratic Party (SDP), has vowed to reduce petrol prices to N200 per litre if elected president in 2027. He made this promise during a recent interview with News Agency of Nigeria.

Adebayo plans to achieve this reduction within 12 months by reviving Nigeria's existing refineries and creating an enabling environment for modular refineries to operate. The candidate cited US refineries over 100 years old that remain operational, arguing that age alone should not render Nigeria's refineries obsolete.

The SDP candidate also promised to restore the original subsidy regime, under which 450,000 barrels of crude oil were reserved for domestic consumption. He stated that other products derived from the crude would be sold, with the proceeds used to maintain the proposed price regime.

Adebayo emphasized that developing adequate domestic refining capacity should be Nigeria's priority, rather than continuing to import refined petroleum products at international prices. He argued that the country has an advantage due to its vast crude oil resources and existing refining infrastructure.