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| Gbenga Olawepo-Hashim |
2027: We Will Sell Petrol at N605 — Gbenga Olawepo-Hashim Unveils Energy Pricing Plan
Executive Brief: The TL;DR for Decision Makers
Accord Party Presidential Candidate, Dr. Gbenga Olawepo-Hashim, has pledged a sustainable petrol price of N605 per litre under his administration, with a medium-term target of N200 - N300 per litre.
His core argument: Nigeria should price fuel based on its true cost of production, refining and distribution, not on international benchmarks. He says this can be achieved without cutting Federal Government revenue or FAAC allocations.
Key Takeaways:
Starting Price: N605 per litre, capped at N610
Target Price: N200 - N300 if reforms succeed
Method: Independent forensic audit of the full petroleum value chain + exchange rate stabilization at N525 - N700 /$
Position: Describes previous subsidy removal justification as "accounting magic"
The Core Promise: What N605 Means
Speaking on his energy policy for 2027, Olawepo-Hashim stated:
"N605 per litre is our starting sustainable price for petrol. Nobody will buy petrol above N610 under our government. It could be as low as N200."
The Accord candidate, a consistent critic of subsidy removal, insists this is not a return to opaque subsidy. He argues it is a cost-reflective price that protects both consumers and government revenue.
"The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer."
Redefining Subsidy:
From Benchmark Loss to Real Cost
At the heart of his proposal is a fundamental shift in how Nigeria calculates petrol costs.
Olawepo-Hashim argues that benchmarking local prices against international market prices creates a false "subsidy loss." The real question, he says, should be: What does it actually cost to produce, refine, transport and distribute one litre in Nigeria?
"Any time you sell a product above its legitimate cost of production, refining, transportation and insurance, you cannot call the difference between that price and an international benchmark a subsidy loss. That is opportunity cost."
He is calling for an independent forensic audit covering:
Crude oil production cost
Contracting and procurement
Refining cost
Transportation, storage and pipeline operations
Insurance and distribution margins
"Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak."
### The Two Pillars of the Plan
Olawepo-Hashim says affordable fuel rests on two pillars:
1. Appropriate Production Cost
He questioned why Nigeria's oil production cost is higher than other major oil producers, citing insecurity, operational inefficiencies, and inflated contracts.
"Before asking Nigerians to pay more, government must first explain why it costs so much to produce our own oil."
2. Appropriate Exchange Rate
An Accord government, he said, would target an exchange rate of N525 to N700 to the dollar. A stable naira, he argues, would drastically reduce the naira-cost of imported inputs in the petroleum sector and lower costs across the economy.
"We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate."
### Why This Matters for Business Leaders and Executives
For the private sector, this proposal is not just about cheap petrol. It is about operating costs.
The candidate frames lower energy costs as an economic stimulus:
Lower Logistics & Manufacturing Costs: Reduced transportation and energy overheads.
Increased Purchasing Power: More disposable income for households.
Revenue Expansion: A more productive economy broadens the tax base, rather than shrinking FAAC.
"Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another."
His framework suggests that subsidy should be transparent, targeted and productive, not a rent for intermediaries.
The Bottom Line
Olawepo-Hashim wants the 2027 election to be a debate on economic models, not personalities. His challenge to the current system is clear: publish the real cost build-up for a litre of petrol and justify every kobo Nigerians pay.
"Let the data speak. Tell Nigerians exactly what it costs to produce the crude, what it costs to refine it, what it costs to transport it and what every margin represents."
What do you think?
As a business leader, would a transparent, cost-reflective pricing model at N605 and a N525-N700/$ exchange rate change your 2027-2028 business projections? Is a forensic audit of the petroleum value chain the missing link in Nigeria's energy debate?
Leave a comment below and join the conversation.
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Gbenga Olawepo-Hashim, Accord Party, Petrol Price Nigeria, Fuel Subsidy Nigeria, N605 Petrol, 2027 Presidential Election, Nigerian Economy, FAAC, Exchange Rate Naira Dollar, Energy Policy Nigeria, Oil and Gas Industry Nigeria
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