Olawepo-Hashim: Petrol Could Sell for ₦605 Per Litre Under New Crude Pricing

Accord Party presidential aspirant Gbenga Olawepo-Hashim says petrol could sell for about ₦605 per litre if Nigeria changes how crude oil supplied to domestic refineries is priced. Speaking on a television programme, he argued that the current pump price is inflated by treating locally consumed crude as though it must be sold at international market rates. He cited an estimated production cost of $30 per barrel, plus margins for refining, transport and insurance, to arrive at a cost of roughly ₦501 per litre at an exchange rate of ₦1,400 to the dollar. He proposed adding about ₦100 as an energy tax, which he said could support alternative energy development. He also described the former fuel subsidy regime as an accounting arrangement rather than a conventional subsidy and called for public disclosure of Nigeria’s actual crude production costs and domestic pricing figures.

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