Presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel, also known as Jet A1, to N200 per litre if elected president in 2027.

Adebayo made the pledge in Abuja on Sunday during an interview with the News Agency of Nigeria (NAN), saying the pricing policy would be implemented within 12 months of assuming office.

He said an SDP government would rehabilitate Nigeria’s existing refineries while supporting modular refineries to reduce the country’s reliance on imported refined petroleum products.

Adebayo argued that the age of Nigeria’s refineries should not be a barrier to their rehabilitation, noting that some refineries in the United States that are more than 100 years old remain operational.

“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200,” he said.

He said the policy would involve restoring what he described as the original subsidy arrangement, under which 450,000 barrels of crude oil are allocated for domestic consumption.

According to him, the crude would be refined locally, while products including naphtha, heavy fuel oil, diesel and kerosene would be sold, with the proceeds used to sustain the proposed pricing regime.

Adebayo said the SDP would also work with the National Assembly to establish a mechanism for applying revenue from other petroleum derivatives to support the scheme.

He maintained that Nigeria should focus on developing sufficient domestic refining capacity rather than importing refined petroleum products at international prices.

The SDP candidate identified the country’s crude oil reserves and existing refining infrastructure as key advantages that could make the policy achievable.

He also dismissed the argument that removing petrol subsidy alone would solve Nigeria’s fiscal challenges, describing the position as a “red herring”.

Beyond fuel prices, Adebayo proposed a transportation policy that would combine cheaper petroleum products with expanded public transport and rail services.

He said workers and students would be able to access public transportation using employment and student identification cards, while employers would contribute six percent of workers’ salaries towards transportation.

He said the arrangement would lower transportation costs and boost economic activity.

On housing, Adebayo proposed limiting housing expenses to seven percent of workers’ salaries, alongside free education and healthcare.

“The summary of it is that transportation costs cannot go more than six percent of your salary and housing costs should not be more than seven percent of your salary, education and healthcare should be free,” he said.

He added that agriculture and food security would be key priorities of his proposed administration as part of efforts to drive down food prices.