Gbenga Olawepo-Hashim, a 2027 presidential candidate (Accord Party), has asserted that introducing ₦605 per litre as the pump price for Premium Motor Spirit (PMS) is only the first step in establishing comprehensive, long-term energy security and affordability for Nigeria.
His economic proposal relies on systemic energy reform rather than temporary political promises or opaque subsidy models:
Key Highlights of the Proposal
1. A Starting Sustainable Price, Not a Opaque Subsidy
- Baseline Rate: ₦605 per litre is set as the initial sustainable ceiling price—guaranteeing that consumers will not pay above ₦610 under an Accord administration.
- Medium-Term Target (₦200 – ₦300/Litre): Hashim contends that once production inefficiencies and currency fluctuations are addressed, petrol prices could drop to between ₦200 and ₦300 per litre over time.
- No Reliance on Artificial Subsidies: The policy avoids standard, non-transparent subsidy regimes, arguing that true pricing must reflect actual internal production costs rather than inflated international benchmarks.
2. Strategic Pillars for Cost Reduction
- Forensic Audit of Petroleum Costs: Hashim calls for an independent audit across the entire supply chain—crude extraction, refining, contracting, transportation, pipeline operations, and distribution—to eliminate procurement inflation, insecurity add-ons, and operational waste.
- Exchange-Rate Realignment: Targeting a stable exchange rate of ₦525 to ₦700 to the US Dollar, which would lower the domestic naira cost of petroleum sector inputs.
- Accelerated Domestic Refining: Prioritizing local refining to eliminate unnecessary import costs, foreign exchange burdens, and global market exposure.
3. Protecting Government Revenue & Economic Productivity
- Sustaining Revenue Streams: Hashim emphasizes that lowering petrol prices will not deplete government revenues or cut allocations to the Federation Account Allocation Committee (FAAC).
- Energy as an Investment in Productivity: The broader policy objective is to lower operational costs for transportation, agriculture, manufacturing, and mining. Lower energy costs increase household purchasing power and expand the tax base through a growing, productive economy.
Core Philosophy
“₦605 is where we start. ₦200–₦300 is where we can go. The route is not magic. It is lower production costs, domestic refining, a stronger naira, greater energy production, and a government that understands that affordable energy is an investment in national productivity.”
Hashim argues that the 2027 election should focus on competing economic models rather than political personalities, maintaining that Nigeria can achieve both affordable fuel for citizens and robust revenue for government simultaneously.
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