Accord Candidate Olawepo-Hashim Promises Petrol Price Cut to ₦605, Targets ₦200 with Reforms
Presidential candidate of the Accord Party, Gbenga Olawepo-Hashim, has unveiled a bold plan to reduce petrol prices in Nigeria, promising that under his administration Nigerians would not pay more than ₦605 per litre. He further argued that with reforms to production costs and exchange rate management, the price could eventually fall to ₦200–₦300 per litre.
Speaking on the proposal, Olawepo-Hashim stressed that the reduction would not come through opaque subsidies but by correcting what he described as Nigeria’s “distorted petroleum cost and accounting structure.” He insisted that the plan would not reduce government revenue or affect allocations to states through the Federation Account Allocation Committee (FAAC).
Breaking Down the Proposal
According to Olawepo-Hashim, Nigeria’s current pricing model is flawed because it compares domestic fuel costs with international benchmarks rather than calculating the actual cost of producing, refining, transporting, and distributing petrol locally.
“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said, calling for a forensic audit of the petroleum sector.
Dr Gbenga Olawepo-Hashim
He argued that inefficiencies, inflated contracts, insecurity, and corruption have driven production costs higher than in other oil-producing nations. Nigerians, he said, are paying twice: once for inefficiency within the system and again at the pump.
Exchange Rate and Refining
The Accord candidate linked affordable petrol to exchange-rate stability, targeting a band of ₦525–₦700 per US dollar. He explained that stabilising the naira would reduce the cost of petroleum inputs and strengthen the wider economy.
His plan also includes accelerating domestic refining capacity, eliminating waste and leakages in the value chain, and ensuring transparency in government interventions. Olawepo-Hashim maintained that subsidies should not be dismissed outright but must be transparent, targeted, and accountable.
Wider Economic Impact
Beyond cheaper petrol, Olawepo-Hashim argued that lower energy costs would stimulate production, reduce transportation and manufacturing expenses, increase household purchasing power, and expand the economic base from which government generates revenue.
“Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another,” he said.
As Nigeria heads toward the 2027 elections, Olawepo-Hashim framed the debate over petrol pricing as a contest of economic models rather than political personalities. His message is clear: Nigerians do not have to choose between affordable fuel and government revenue — both are possible if inefficiency is tackled and transparency enforced.
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