Adewole Adebayo, the presidential candidate of the Social Democratic Party, SDP has promised to crash the prices of Premium Motor Spirit, PMS also known as petrol, to N200 per litre within six months of his election as President and Commander-in-Chief.
The SDP presidential candidate also promised to reduce the prices of other petroleum products, such as diesel, Aviation Fuel, cooking gas, the News Agency of Nigeria, NAN reports.
Petrol is currently sold for N1,300 per litre or more, depending on the part of the country, while other petroleum products like diesel are sold around N1,500 per litre.
According to NAN, Adebayo made the assertion at the weekend, saying his plans also include the rescucitation of the governmen-owned comatose refineries, and the licensing of the modular refineries across the country,which he said will force the price of petrol and others down.
He also dismissed the suggestion that the refineries cannot be repaired, citing refineries in the United States which he said are still functioning more than 100 years after they were established, adding that it was wrong for the government to abandon them.
The SDP presidential hopeful also promised to reinstate subsidy,under a special arrangement where 450,000 barrelsof crude oil will be allocated to government refineries for local consumption, noting that his government will ensure that local refineries are functional.
“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,” he said.
Recall that the incumbent President Bola Ahmed Tinubu, had on his innaugural as president on May 29, 2023 announced the end of petrol subsidy, a development that immediately shot up the price of petrol from the N200 per litre it was sold at the time.
Meawhile analysts insist that the debate over the pricing of petrol and subsidy on petroleum products are likely to be one of the major campaign issues among presidential candidates of various political parties as part of their efforts to attract the attention of voters ahead the 2027 general election.
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