The presidential candidate of the Social Democratic Party, Adewole Adebayo, has warned that petrol prices could rise to N5,000 per litre if President Bola Tinubu secures a second term.
Adebayo gave the warning in a statement issued on Wednesday by his Chief Communications Adviser, Mark Adebayo as reported on DailyTrust.
He attributed the projected increase to the Federal Government’s deregulation of the downstream petroleum sector and the floating of the naira, saying further depreciation of the currency could significantly raise the cost of imported petrol.
According to him, Nigeria’s continued dependence on imported petrol, which is priced in US dollars, makes domestic fuel prices particularly vulnerable to movements in the exchange rate.
Adebayo said that if the naira depreciates to N3,500 to the dollar in the coming years, the landing cost of petrol alone could exceed N4,000 per litre.
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“A N5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking,” he said.
The SDP candidate also faulted the removal of fuel subsidies, arguing that the policy had left consumers more exposed to fluctuations in global crude oil prices.
He warned that rising petrol prices would increase transportation costs and subsequently drive up the prices of food and other essential commodities.
Adebayo further identified high interest rates, challenges at the ports and distribution costs as additional factors that could raise the cost of importing and distributing petrol.
He maintained that without measures to address these pressures, further increases in the price of petrol could place additional strain on households and businesses.
