Atiku Is Going To Lower Cost Of Crude Oil To $12 Per Barrel & Supply It To Nigerian Refiners—Okonkwo

Kenneth Okonkwo, the official spokesperson for the African Democratic Congress, has said Atiku Abubakar will cut the cost of producing crude oil to 12 dollars per barrel and supply it to local refiners to make fuel much cheaper.

According to a video posted on the official YouTube channel of Channels Television on Sunday, October 11, 2026, while appearing in an interview on Inside Sources, Okonkwo spoke on the fuel subsidy debate and the price of petrol.

He said the plan depends on improving power supply, making interest rates accessible and strengthening security, which he believes would lower the cost of production and allow refiners to sell much more affordable petrol to ordinary Nigerians nationwide.

During the interview, he stated, “Atiku is going to bring down the cost of producing crude oil to the world average of $12 per barrel, and then supply it to the Nigerian refiners. Refiners, they will now produce affordable refined fuel to Nigerians. It will come down to less than 300.”

Okonkwo said the current high cost of producing a barrel, which he put at about 30 dollars, is driven by electricity, security and borrowing costs that businesses operating in Nigeria must largely bear on their own at present.

He added that Atiku had earlier advised on captive power using the resources of each geopolitical zone, saying a future administration would deliver regular electricity at affordable prices without the band system currently in place across the country.

In his concluding remarks, Okonkwo said Atiku has made clear he will make life affordable for Nigerians again and bring fuel prices back to what they were, which he described as possible because Nigeria is a production nation.

ResourcefulMedia feedback-opera-news-app@opera.com