Declare your fuel pricing stance, Agbakoba tells presidential candidates

Dr. Olisa Agbakoba, SAN, has asked presidential candidates in the 2027 general election to publicly state how they intend to price petrol, describing fuel costs as a likely deciding issue for voters.

In a statement titled: “Statement to the Presidential Candidates on Petroleum Pricing and the Cost of Living,” Agbakoba said: “The skyrocketing cost of living in Nigeria has reached a critical point and will undoubtedly serve as a defining issue in the 2027 General Election.”

Nigeria removed its petrol subsidy in 2023, and pump prices now move with refinery and import landing costs rather than being fixed by the government.

The effect has been steep. In January 2026, NNPC Limited sold petrol at ₦835 per litre in Lagos and ₦839 in Abuja. NNPC retail’s regular price in Abuja is now ₦1,405, while stations backed by the Dangote refinery and independent marketers are selling at ₦1,405 to ₦1,409.

Dangote Petroleum Refinery raised its gantry price to ₦1,350 per litre on 12 September, its fourth increase since late August, before a ₦25 cut later that month.

He said high pump prices were feeding through the economy.

“High fuel prices have created a severe domino effect, driving up the costs of transport, food, rent, education, and basic consumer goods across the board.

“Nigerian voters urgently need clarity on where each presidential candidate stands on this vital matter,” he added.

Agbakoba identified four possible fuel policy scenarios: total subsidy removal, a return to subsidies, a discount pricing approach and differential pricing.