2027: Adebayo targets lower fuel prices through local refining

As petrol prices continue to rise in Nigeria, the energy strategy of Social Democratic Party (SDP) presidential candidate Prince Adewole Adebayo, outlined in his Farewell to Poverty and Insecurity blueprint, has renewed focus on making the country’s oil wealth deliver affordable, reliable energy.

Anchored on the principle that “Nigeria’s oil must first serve Nigerians,” Adebayo sought to make petrol, diesel and aviation fuel more affordable through increased domestic refining.

He proposed transparent, reliable crude access for functional Nigerian refineries, publication of crude allocations, enforcement of supply agreements and removal of logistics bottlenecks.

Adebayo stated that any tax relief, preferential crude supply or other government concession to refineries should benefit consumers through lower prices rather than imposing arbitrary pump-price controls.

He advocated increased local production, reduced transportation and distribution costs, expanded storage and stronger competition.

The plan gives particular attention to diesel, citing its importance to manufacturing, agriculture, telecommunications, construction, logistics and small businesses.

He proposed boosting domestic diesel production and eliminating unnecessary taxes, charges and distribution costs.

Adebayo also proposed expanding Nigerian gas use for electricity, transportation, industry and household cooking while reducing gas flaring.