Duke Calls for Domestic Crude Price Based on Production Cost

Nigeria's former Cross River State governor and presidential candidate of Peoples Redemption Party (PRP), Donald Duke, has called for the domestic crude oil price to be set at production cost rather than its international market value.

Duke stated that Nigeria should supply crude oil for domestic refining at its production cost, which is significantly lower than the international market price. He estimated that the country requires about 300,000 barrels of crude oil daily for domestic consumption out of its estimated production of 1.7 million barrels.

The former governor argued that the revenue from all products obtained from a barrel should be considered when determining the domestic price of petrol. According to him, Nigeria can sell the other by-products at commercial rates and use the revenue to amortise the cost of petrol, which would allow it to be sold at N200 or N300 per litre.

Duke rejected the argument that cheaper petrol would inevitably be smuggled into neighbouring countries, instead suggesting that the government should improve border enforcement. He also cautioned against following externally prescribed economic policies that fail to reflect Nigeria's realities.