Duke said the actual cost of extracting a barrel of Nigerian crude oil ranges between $12 and $15, but additional expenses could push the total to between $25 and $45 per barrel.
He argued that reducing these costs could help lower petrol prices, ease the cost of living and improve economic productivity.
The former governor also clarified his proposal to reduce petrol prices to ₦300 per litre, insisting that his plan was not for ₦200. However, he acknowledged that existing crude oil commitments could make the ₦300 target difficult to achieve immediately.
Duke suggested that the government source crude oil from domestic producers and arrange refining contracts that would allow it to retain control over the resulting petroleum products.
He said a price range of ₦700 to ₦800 per litre could be a more realistic benchmark under certain supply arrangements.
Duke further argued that government policies should prioritise energy, healthcare, education, infrastructure and the productivity of Nigerians rather than focus mainly on revenue generation.
He maintained that reducing the cost of essential goods and services would help workers retain more of their earnings, instead of relying solely on salary increases.
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Summary
Donald Duke says the cost of securing oil facilities and ageing infrastructure are driving up Nigeria’s crude production costs. The PRP presidential candidate has also explained his proposal to reduce petrol prices. Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has said Nigeria spends almost as much on securing crude oil as it...
Key takeaways
- Donald Duke says the cost of securing oil facilities and ageing infrastructure are driving up Nigeria’s crude production costs.
- The PRP presidential candidate has also explained his proposal to reduce petrol prices.
- Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has said Nigeria spends almost as much on securing crude oil as it does on extracting it, blaming high security expenses and ageing infrastructure for rising production costs.Duke said the actual cost of extracting a barrel of Nigerian crude oil ranges between $12 and $15, but additional expenses could push the total to between $25 and $45 per barrel.He argued that reducing these costs could help lower petrol prices, ease the cost of living and improve economic productivity.The former governor also clarified his proposal to reduce petrol prices to ₦300 per litre, insisting that his plan was not for ₦200.
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What is this story about?
Donald Duke says the cost of securing oil facilities and ageing infrastructure are driving up Nigeria’s crude production costs. The PRP presidential candidate has also explained his proposal to reduce petrol prices. Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has said Nigeria spends almost as much on securing crude oil as it...
Who published this story?
Glow 99.1 FM published this story with GlowRy Atuah listed as author.
When was it published?
October 16, 2026
