The Peoples Redemption Party (PRP) Presidential Candidate, Donald Duke, has promised to reduce the price of petrol to about N300 per litre if elected president.

Duke, a former governor of Cross River State, said the proposed price would be achieved by changing the basis for pricing petroleum products meant for domestic consumption from international market rates to the cost of producing them locally.

He made the proposal while appearing on Channels Television.

He criticised the current approach to petroleum pricing and outlined his proposed management of Nigeria’s crude oil resources.

Duke said the government should reserve a portion of the country’s crude oil production for domestic consumption and sell the balance internationally.

According to him, the production cost he was working with was about $45 per barrel, including processing and refining, while the underlying cost could be around $30 without those components.

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