The Accord Party’s presidential candidate in the 2027 election, Gbenga Olawepo-Hashim, at the weekend explained how he hopes to achieve a N605 per litre in Nigeria, arguing that the current pricing structure amounts to an overvaluation of the commodity and imposes unnecessary costs on consumers. Africans& Diaspora

Olawepo-Hashim, who spoke during an interview on Channels Television at the weekend, said the proposed price was based on a domestic crude cost of about $30 per barrel, additional refining and logistics costs, as well as an energy tax intended to support the development of alternative energy sources.

He also challenged the federal government’s approach to the naira, arguing that the currency was currently undervalued and that increased crude oil production, reduced petroleum imports and greater use of domestic crude for local refining could substantially improve Nigeria’s foreign exchange position.

According to him, the economics of domestic petroleum pricing should not be based entirely on international crude prices because oil-producing countries routinely make arrangements for domestic crude supplies to support local industries and energy security.

He said the N605 proposal deliberately provided an additional margin for investment in alternative energy, insisting that Nigeria should not encourage permanent dependence on cheap petrol at the expense of cleaner energy sources.

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