Oyedele To Atiku: You Cannot Reduce Petrol Prices To ₦400, ₦800 Or Even ₦1,000 Per Litre

Nigeria’s Finance Minister, Taiwo Oyedele, has questioned the feasibility of former Vice President Atiku Abubakar’s campaign promise to reduce petrol prices, arguing that lowering the cost to ₦400, ₦500, ₦800 or ₦1,000 per litre would not be achievable under the prevailing market conditions.

Oyedele made this known during an interview on Channels Television on Friday, October 9, 2026, while discussing petrol pricing and the economic factors that determine the cost of petroleum products in Nigeria.

During the interview, the minister expressed doubts about the possibility of significantly reducing petrol prices to the levels mentioned, insisting that such proposals must be supported by calculations that account for the actual costs involved in supplying the product.

Speaking on the matter, Oyedele said, “You cannot cut the price of petrol to 400 naira, not 500, not 800 or 1000. It’s simple arithmetic.”

His remarks came amid discussions surrounding Atiku Abubakar’s campaign promise to make petrol more affordable for Nigerians. The former vice president has presented lower fuel prices as part of his political position, prompting further attention to the economic measures that could make such reductions possible.

Oyedele’s comments suggest that any proposal to bring petrol prices down significantly would require a clear explanation of how the government or other relevant stakeholders intend to achieve the reduction.

Several factors influence petrol prices, including the cost of crude oil, refining expenses, transportation, distribution and applicable taxes. Changes in any of these areas can affect the final amount consumers pay at filling stations.

The minister’s position also highlights the wider economic debate over fuel affordability and the financial pressure high petrol prices place on households and businesses across Nigeria.

For many Nigerians, the cost of petrol remains a major concern because it affects transportation fares, food prices, production costs and the general cost of living.

Watch the video from stamp time 1:55 to 2:05 HERE

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