SDP Presidential Candidate Plans to Slash Petrol Price to N200 Per Litre in 1 Year
- SDP presidential candidate Adewole Adebayo has promised to reduce petrol, cooking gas and Jet A1 prices to N200 per litre if elected in 2027
- He plans to achieve this by reviving existing refineries, supporting modular refineries and refining 450,000 barrels of crude oil locally for domestic consumption
- Adebayo said that removing petrol subsidy alone would not solve Nigeria’s fiscal problems, but the country should focus on increasing local refining capacity
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP), has pledged to bring down the prices of petrol, cooking gas and aviation fuel (Jet A1) to a maximum of N200 per litre if elected president in 2027.
Adebayo made the promise in Abuja on Sunday, September 6, 2026, during an interview with the News Agency of Nigeria (NAN), saying his proposed pricing policy would take effect within 12 months of assuming office.
Source: UGC
SDP plans to revive Nigeria's refineries
The SDP presidential candidate said his administration would focus on restoring Nigeria’s existing refineries while also supporting modular refineries to increase local production of petroleum products.
He maintained that the age of Nigeria’s refineries should not prevent the government from rehabilitating them, pointing to older refineries in the United States that remain operational despite being more than a century old.
According to Adebayo, the SDP would place petrol, cooking gas and Jet A1 under a pricing framework designed to ensure that none of the products sell for more than N200 per litre.
He said:
“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 proposes new subsidy arrangement
Adebayo also proposed returning to what he described as the original subsidy arrangement, under which 450,000 barrels of crude oil would be set aside for domestic refining.
He explained that the crude would be processed locally, while revenue generated from products such as naphtha, heavy fuel oil, diesel and kerosene would be used to sustain the proposed pricing policy.
The SDP candidate said his government would collaborate with the National Assembly to create a framework for directing proceeds from other petroleum derivatives towards maintaining the scheme.
Adebayo rejects petrol subsidy argument
Adebayo argued that Nigeria should prioritise the development of sufficient domestic refining capacity rather than continue importing refined petroleum products at international market prices.
He said the country already possesses two key advantages needed to achieve this goal: abundant crude oil resources and existing refining infrastructure.
The SDP candidate further argued that the long-running debate over petrol subsidy had distracted attention from deeper structural problems within Nigeria’s petroleum sector.
Source: Getty Images
He dismissed claims that the removal of petrol subsidy alone would solve Nigeria’s fiscal challenges, describing such an argument as a “red herring.”
Adebayo added that under an SDP-led government, Nigerians would not need to worry about petrol subsidy because, in his view, subsidy should not be treated as a government economic programme.
Source: Legit.ng
