Nobody Will Pay Above ₦610’: Hashim Promises ₦605 Petrol, Targets ₦200 in 2027

For millions of Nigerians already struggling with transport and household costs, the promise of ₦605 petrol — and eventually ₦200 — is the kind of political pledge that immediately raises one question: can Nigeria really make fuel this cheap without bringing back the subsidy burden?

What if petrol could return to a price Nigerians have not seen in years? The Accord Party presidential candidate Gbenga Olawepo-Hashim has promised that Nigerians would pay no more than ₦610 per litre for petrol under his proposed administration, with a longer-term target of as low as ₦200. He says the plan would not depend on the return of an opaque fuel subsidy but on lower production costs, exchange-rate stability and greater transparency across Nigeria’s petroleum industry.

Gbenga Olawepo-Hashim has proposed ₦605 per litre as a starting sustainable petrol price if elected president in 2027. He said the price would not exceed ₦610 under his government and could eventually fall to ₦200 through lower petroleum production costs, exchange-rate stability, domestic refining and greater transparency.

Accord Party presidential candidate Gbenga Olawepo-Hashim has promised to reduce Nigeria’s petrol price to ₦605 per litre if elected president in 2027, with a long-term target of ₦200.

Hashim said Nigerians would not pay more than ₦610 per litre under his proposed administration.

He described ₦605 as his “starting sustainable price” for petrol. According to him, the proposal would not depend on a return to the opaque subsidy system that previously placed a heavy burden on public finances.

“₦605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above ₦610 under our government. It could be as low as ₦200,” he said.

Why Hashim wants a petrol cost audit

Hashim has criticised the way the removal of Nigeria’s petrol subsidy has been justified.
He described the existing approach as “accounting magic.”

The Accord candidate argued that Nigeria should first establish the actual cost of producing and delivering petrol to Nigerian consumers.

According to him, domestic petrol prices should not be determined simply by comparing them with international market prices.

Instead, he said the country should calculate the real cost of crude production, refining, transportation, insurance, storage and retail distribution.

Hashim therefore called for an independent forensic audit of Nigeria’s petroleum cost structure.

The proposed audit, he said, should cover the entire value chain. This would include crude production, procurement, contracting, refinery operations, pipeline management, storage, transportation, insurance and distribution.
He said the findings should also be made public.

“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said.
Hashim questions Nigeria’s petroleum costs
The presidential candidate also questioned why Nigeria’s oil production costs remain relatively high despite being a major oil-producing country.

He identified contracting practices, procurement inefficiencies, insecurity and possible cost inflation as areas that should be investigated.

Hashim argued that Nigerians could be bearing the cost of inefficiencies at different stages of the petroleum value chain.
He said the government should explain why it costs so much to produce, refine and distribute petroleum products domestically before asking citizens to pay more.

“Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil. If the cost is genuine, show us the evidence. If it is inefficiency, corruption or inflated contracting, fix it,” he said.

Exchange rate central to Hashim’s petrol plan
Exchange-rate stability is another major part of Hashim’s proposal.

He said his administration would target a naira-to-dollar exchange rate of between ₦525 and ₦700 per dollar.

According to him, a more stable naira would reduce the local currency cost of petroleum-related inputs.

He also insisted that cheaper petrol would not be achieved by reducing government revenue or cutting allocations to the Federation Account Allocation Committee (FAAC).

“We are not going to make petrol cheaper by making government poorer. Nigeria does not have to choose between affordable petrol and government revenue. We can have both,” he said.

Hashim argued that lower energy costs would have a wider impact on the economy.
He said cheaper petrol could reduce transportation and manufacturing costs. It could also improve household purchasing power.

In turn, he said, stronger economic activity could expand the tax base and provide more revenue for the government.

From ₦605 to ₦200 petrol

Hashim presented the ₦200 to ₦300 per litre range as a possible medium-term outcome.
However, he said such a reduction would depend on correcting Nigeria’s economic fundamentals.

He linked the proposed price to lower production costs, increased domestic refining, exchange-rate stability and reduced waste across the petroleum sector.

The candidate maintained that his proposal was not a promise to restore fuel subsidies.
Rather, he said the focus would be on reducing the underlying cost of producing and delivering petrol.

He also argued that the 2027 presidential election should focus on competing economic policies rather than personalities.

Peter Obi backs petrol subsidy removal
Meanwhile, former Anambra State governor and Labour Party presidential candidate Peter Obi has reportedly reaffirmed his support for the removal of petrol subsidy.

Obi made the remarks at a Nigerian Bar Association conference in Port Harcourt, where he criticised the Federal Government over its handling of the savings from subsidy removal.

He accused the administration of failing to properly channel the reported ₦16 trillion subsidy savings into public welfare.

His position comes amid a changing debate among 2027 presidential hopefuls over the future of petrol pricing.

Former Vice President Atiku Abubakar, who had opposed the subsidy regime during the 2023 presidential campaign, has also reportedly said he would restore the petrol subsidy if elected in 2027.

Dangote Refinery and rising petrol prices

The debate comes at a time when changes in petrol depot prices are putting pressure on Nigerian motorists and filling station operators.

Recent market developments involving major petroleum suppliers, including the Dangote Refinery, have raised concerns about possible changes in retail petrol prices.

Depot prices have reportedly moved across several locations, with some increases reaching about ₦30 per litre.
If acquisition costs continue to rise, filling station operators may be forced to adjust their pump prices.

The development adds another layer to the growing political debate over how Nigeria should determine the price of petrol while protecting consumers and government revenue.

For Hashim, however, the solution lies in understanding the real cost of Nigeria’s petroleum value chain and addressing the factors that drive those costs upward.