The 2027 Presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has declared that his energy plan for the country will witness the reduction of the prices of petrol, cooking gas and aviation fuel (Jet A1) to below ₦200 per litre if he emerges as the winner of the 2027 presidential election.
He explained that the policy direction would be achieved by reviving Nigeria’s public-owned refineries while encouraging the growth of modular refineries through policies that support local refining.
The SDP presidential flagbearer stressed that Nigeria has no reason to depend heavily on imported refined petroleum products, arguing that the country’s refining assets can be restored to full operation.
Adebayo, who stated these in Abuja on Sunday, September 6, 2026, during a Personality Interview with the News Agency of Nigeria (NAN), said his strategy would ensure the lowering of the cost of fuel within the first year of his administration.
While drawing comparisons with older refineries still functioning in the United States, Adebayo stated that Nigeria’s refineries could also become productive again with the right commitment and investment.
Adebayo specifically proposed bringing back the Nigeria’s original domestic crude allocation model, under which about 450,000 barrels of crude oil would be reserved for local refining.
He further said that revenue generated from other petroleum products refined from the same crude—including diesel, kerosene, heavy fuel oil and naphtha—could be used to support lower prices for petrol, cooking gas and Jet A1.
According to Adebayo; “The SDP will place cooking gas, petrol and Jet A1 under a pricing regime where the cost will not exceed ₦200 per litre.
“My administration would work with the National Assembly to establish a legal framework that would allow proceeds from other petroleum derivatives to offset the cost of maintaining the proposed fuel prices,” he said.
Adebayo specifically rejected claims that the removal of fuel subsidy is the only solution to Nigeria’s economic challenges, describing the argument as misleading.
The SPD Presidential candidate said his broader economic plan would also prioritise investments in rail transport and efficient public transportation systems to reduce the country’s dependence on private vehicles and lower transportation costs for Nigerians.
