Social Democratic Party, SDP, presidential candidate Adewole Adebayo has warned that the price of petrol could rise to ₦5,000 per litre if President Bola Tinubu secures a second term in office.
Adebayo made the projection in a statement issued by his campaign’s Chief Communications Adviser, Mark Adebayo, on Wednesday. He attributed the possibility of higher petrol prices to the Federal Government’s deregulation of the downstream petroleum sector and the floating of the naira.
According to him, Nigeria’s reliance on imported petrol means changes in the exchange rate can have a significant impact on the cost of the product because petrol is priced in relation to the dollar. He said that if the naira-to-dollar exchange rate reaches ₦3,500 to a dollar in the coming years, the landing cost of petrol alone could exceed ₦4,000 per litre.
“A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking,” he said.
Adebayo also criticised the removal of fuel subsidies, arguing that the policy exposes consumers to fluctuations in global crude oil prices. He said further increases in petrol prices could raise transportation costs and contribute to higher prices for food and other essential commodities.
The SDP candidate also identified high interest rates, port challenges and distribution costs as factors that could further increase the cost of importing and distributing petrol.
