Former President of the Nigerian Bar Association, Dr. Olisa Agbakoba, SAN, has called for a rethink of Nigeria’s petroleum pricing framework, proposing a special domestic crude price that could reduce petrol prices substantially.
Speaking at the annual conference of the National Association of Energy Correspondents in Lagos, Agbakoba said the central issue should not simply be whether subsidy returns, but whether crude supplied for domestic consumption should be priced differently from crude sold into the international market.
He argued that the cost of petroleum products is now directly tied to the wider cost-of-living crisis and urged presidential aspirants ahead of 2027 to clearly state their positions on subsidy, crude pricing and domestic energy affordability.
Agbakoba suggested that if crude supplied locally were priced at around $40 per barrel, even where international prices were much higher, petrol could potentially fall to around ₦400 per litre.
He also argued that Nigeria should reconsider the present structure in which the President doubles as Petroleum Minister and proposed a broader Ministry of Energy covering crude oil, gas and electricity.
His proposal is a policy recommendation, not a government decision, and the economic viability of the suggested price differential would depend on fiscal, legal and market considerations.
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