PUTIN WOOS AFRICAN LEADERS AT SHOWCASE SUMMIT, SAYS RUSSIA IS BETTER PARTNER THAN 'COLONIAL' WEST. (PHOTO).

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 Putin woos African leaders at showcase summit, says Russia is better partner than 'colonial' West President Vladimir Putin told African leaders ​on Wednesday that Russia was their best partner, accusing what he cast as a colonial West of still trying ‌to exploit the continent's resources and using debt to hold back development, Reuters reported. The Kremlin chief was speaking at the third Russia-Africa Summit in Moscow, a two-day event attended by African leaders and government delegations from 48 countries, during which he will hold one-on-one talks with many of the 22 individual African leaders ​attending on everything from trade to security, arms deals and grain supplies. "Africa is increasingly asserting itself as one of the key players in the global economy and politics. However, the emergence of a multipolar world is, of ​course, no easy task; it faces resistance from countries that are not prepared to accept this reality: those who are accustomed to ​thinking i...
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DONALD DUKE PLEDGES N300 PETROL PRICE BY 2027, TARGETS PRODUCTION COST MODEL. (PHOTO).

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 Donald Duke Pledges N300 Petrol Price by 2027, Targets Production Cost Model

Former Cross River State Governor and Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has made a significant pledge ahead of the 2027 general elections: to bring down the price of petrol to approximately N300 per litre if he secures the presidency. This ambitious promise comes as Nigerians continue to grapple with escalating fuel costs and widespread economic hardship.


A New Approach to Fuel Pricing


Duke outlined his strategy during an appearance on Channels Television’s Morning Brief on Wednesday. He argued that the current method of pricing petroleum products for domestic consumption is fundamentally flawed. Instead of subjecting Nigerians to international market rates for locally produced crude, Duke proposes a shift to a production cost model.


“The subsidy regime thing-this whole thing is a scam. I’m going to price petroleum products for local consumption at production costs, not at international market costs,” Duke asserted, criticizing the existing framework as unsustainable.


Unpacking the Production Cost Argument


The former governor elaborated on his arithmetic, explaining that the actual cost of producing and refining petroleum for domestic use is considerably lower than the international benchmark currently applied. He quoted production costs, including processing and refining, at around $45 per barrel, or even as low as $30 before refining. He contrasted this sharply with the “100 and something dollars” at which the product is effectively sold back to Nigerian consumers.


Addressing Economic Hardship


Duke underscored the severe impact of high petrol prices on the livelihoods of Nigerians, particularly workers and low-income households. He highlighted how transportation and energy costs consume a disproportionate share of meager earnings, with many struggling to afford basic necessities. "You don't want them to breathe, and your people are notably the poorest in the world. They can't afford it. The basic minimum wage is 70,000 naira. Your salary will go in just filling a tank of fuel," he stated, emphasizing the urgency of his proposed intervention.


Implementation Strategy: Domestic Allocation


To realize his N300 per litre target, Duke detailed a practical implementation plan. He proposes dedicating a specific portion of Nigeria’s daily crude oil production to meet domestic demand. "Allocate 600,000 barrels if that's what you consume daily. Allocate that to yourself. The other one million you can sell it," he explained.


This approach, he argued, would ensure that Nigerian citizens directly benefit from the nation's rich crude oil resources. Furthermore, it would insulate domestic petrol prices from the volatile fluctuations of the international market, providing much-needed stability and relief to consumers.


Duke's commitment to significantly reducing petrol prices marks a key pillar of his economic agenda for the 2027 presidential election, positioning him as a candidate focused on alleviating the financial burden on ordinary Nigerians.

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