Prince Adewole Adebayo, presidential candidate of the Social Democratic Party (SDP), has promised to reduce petrol prices through increased domestic refining, pledging to revive Nigeria’s four government-owned refineries and provide incentives for private operators if elected president in 2027.

Adebayo said his administration would adopt a domestic refining policy that would protect Nigerian consumers from international fuel prices while encouraging refinery owners to invest in production and exports.

He made the pledge during an interview on Nigeria Info’s Road to 2027 programme, where he outlined plans to make petroleum products more affordable without undermining private sector investment.

The SDP candidate proposed long-term tax rebates, regulatory certainty and flexible crude payment arrangements for refinery operators, including a 90-day window to pay for crude supplied by the government.

“When I sell crude to you, I give you 90 days to pay. That is twice your throughput. You will have refined the crude, ship it overseas, collect the dollar, then you pay me,” he said.

According to him, the arrangement would enable refineries to process crude, export petroleum products, earn foreign exchange and subsequently settle their crude obligations.

Adebayo also insisted that Nigerians should not be made to pay international prices for petrol when their incomes were substantially lower than those of consumers in the global market.

“But you are not going to sell petrol at international prices to a teacher who does not earn an international salary,” he said.

He proposed that the government-owned refineries should serve the domestic market, while private refineries would be encouraged to participate through access to locally produced crude.

“So, what we are saying is that for our own domestic markets, we have our own four refineries; they are going to work. Secondly, if you, a private refinery, want to participate, we will give you the crude at zero cost because it is domestic crude,” he added.

Beyond lowering domestic fuel prices, Adebayo said his administration would seek to expand Nigeria’s refining capacity and position the country as a major exporter of refined petroleum products.

“Our government in four years will create even 20 Dangotes for exports; that is why God gave Nigeria a refinery by the water side,” he said.