Olawepo-Hashim Unveils Plan for N605 Fuel Price, Targets Stronger Naira
Nigeria's presidential candidate Gbenga Olawepo-Hashim has unveiled his plan to achieve a fuel price of N605 per liter, citing that the current pricing structure is overvalued and imposes unnecessary costs on consumers.
Olawepo-Hashim argues that the proposed price is based on a domestic crude cost of $30 per barrel, additional refining and logistics costs, as well as an energy tax intended to support the development of alternative energy sources.
He also challenged the federal government's approach to the naira, stating that the currency is undervalued by 25.6%, according to an International Monetary Fund (IMF) assessment.
Olawepo-Hashim aims to raise crude oil production to 4 million barrels per day within 24 months and end imports of refined petroleum products, targeting an exchange rate between N525 and N700 to the dollar.