2027: How I will crash fuel price to N200/Litre in 12 months, if elected president – SDP candidate Adebayo

The presidential candidate of the Social Democratic Party, (SDP), Prince Adewole Adebayo, has pledged to crash the prices of petrol products to N200 per litre within his first year in office if elected in 2027.

Adebayo made the promise on Sunday in an interview in Abuja.

The SDP flag bearer said the price cut would be achieved by reviving Nigeria’s existing refineries and creating an enabling environment for modular refineries to operate.

According to him, Nigeria’s refineries, though decades old, were still serviceable.

He cited refineries in the United States that were over 100 years old and still functioning as proof that age should not be used as an excuse to abandon local plants.

Adebayo also promised to restore the “original subsidy arrangement” where 450,000 barrels of crude oil were reserved for domestic consumption.

“All other derivatives from the 450,000 barrels like naphtha, heavy fuel oil, diesel, kerosene, etc. will be sold and the money used to maintain the regime price,” he explained.

He said under an SDP government, proceeds from selling other derivatives would be used to equalize prices so petrol, cooking gas and Jet A1 do not go above N200.

“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,” Adebayo stated.

Adebayo argued that the national debate on fuel subsidy has distracted from the real problem lack of domestic refining capacity.

He described subsidy as not being a government economic programme and said Nigerians would not need to discuss it under his administration.

“The priority should be to develop adequate domestic refining capacity instead of relying on imported petroleum products sold at international prices,” he said.

The SDP candidate linked cheaper fuel to broader reforms in transportation, housing and social welfare.

He promised to expand public transportation and rail services to reduce dependence on private vehicles. Under his plan, workers and students would access public transport using ID cards without direct payment, with employers contributing 6% of workers’ salaries toward transport.

He also proposed: Housing costs capped at 7% of workers’ salaries, Free education and healthcare, Focus on agriculture to ensure food affordability and security

“The summary of it is that transportation costs cannot go more than six per cent of your salary and housing costs should not be more than seven per cent of your salary; education and healthcare should be free,” Adebayo said.

He said the combination of cheaper fuel, improved public transport and rail would reduce the cost of movement and stimulate economic activities.

Adebayo maintained that Nigeria had a major advantage with its crude oil reserves and existing refining infrastructure, which his administration would fully harness.