Presidential hopeful Adewole Adebayo of the Social Democratic Party (SDP) warned that petrol prices in Nigeria could climb to N5,000 per litre if President Bola Tinubu wins a second term.
The prediction was issued on Wednesday by Adebayo’s campaign chief communications adviser, Mark Adebayo, who said the rise would stem from the federal government’s deregulation of the downstream petroleum sector and the floating of the naira.
Adebayo explained that Nigeria’s heavy reliance on imported petrol, priced in U.S. dollars, means a weaker naira will push the cost of fuel higher. He noted that if the exchange rate reaches N3,500 to a dollar in the coming years, the landing cost of petrol alone could exceed N4,000 per litre.
A N5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking.
The SDP candidate criticised the removal of fuel subsidies, arguing the policy exposes consumers to global crude‑oil price swings. He warned that higher petrol prices would raise transportation costs, which would, in turn, drive up the prices of food and other essential goods.
Adebayo also cited high interest rates, port challenges and distribution costs as additional factors that could add to the cost of importing and distributing petrol.
<small>Source: Daily Post Nigeria — read the original story there.</small>