Nigeria’s Finance Minister, Taiwo Oyedele, has reacted to former Vice President Atiku Abubakar’s campaign promise to Nigerians regarding the reduction of petrol prices, arguing that bringing the cost of petrol down to certain levels would not be achievable based on the prevailing realities of the petroleum market.
Oyedele made this known during an interview on Channels Television on Friday, October 9, 2026, where he discussed fuel pricing and the economic considerations surrounding proposals to make petrol more affordable for Nigerians.
During the interview, the minister expressed doubts about the possibility of reducing petrol prices to ₦400, ₦500, ₦800 or even ₦1,000 per litre under the circumstances being discussed.
According to him, such promises must be examined carefully through calculations rather than accepted as political assurances without considering the underlying costs involved in producing, importing and distributing petroleum products.
Speaking during the television interview, Oyedele stated, “You cannot cut the price of petrol to 400 naira, not 500, not 800 or 1000. It’s simple arithmetic.”
The minister’s remarks appeared to challenge Atiku Abubakar’s campaign promise concerning the cost of petrol, bringing renewed attention to the debate over fuel affordability and the economic policies that could potentially reduce the financial burden on Nigerian households.
Oyedele’s argument suggests that any proposal to substantially lower petrol prices must be supported by a clear explanation of how the reduction would be achieved.
Factors such as crude oil costs, refining expenses, transportation, distribution and applicable taxes can influence the final price paid by consumers.
Consequently, a government seeking to reduce petrol prices would need to explain how these costs could be managed without creating additional economic difficulties.
SOURCE: Ola_Writes20