The Presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that petrol prices could rise to as much as N5,000 per litre if President Bola Ahmed Tinubu secures a second term in office.
Adebayo made the projection in a statement issued by his campaign’s Chief Communications Adviser, Mark Adebayo, where he criticised the Federal Government’s economic policies, particularly the downstream petroleum sector and the floating of the naira.
According to him, continued naira depreciation could significantly increase the cost of imported petroleum products because international fuel transactions are denominated in US dollars.
He urged that if the exchange rate reaches N3,500 to $1, the landing cost of petrol alone could exceed N4,000 per litre, potentially putting further pressure on pump prices.
Adebayo also criticised the removal of fuel subsidies, arguing that the policy has left consumers more exposed to fluctuations in international crude oil prices.
He said increases in petrol prices could have wider effects on the economy by raising transportation costs,which could subsequently increase food prices and further reduce household purchasing power.
The SDP candidate also pointed to high interest rates and infrastructure challenge as additional factors that could increase the operating costs of fuel importers and ultimately affect consumers.
“We cannot run an economy purely on taxes, subsidy removal, and currency devaluation without producing anything internally”, Adebayo said.
He further argued that the country needs increased domestic refining capacity and policies aimed at reducing dependence on imported petroleum products.
Adebayo said that, if elected in 2027, his administration would seek to revive local refining through what he described as transparent public -private partnerships.
He also proposed targeted measures to cushion vulnerable Nigerians from the effects of rising energy costs.
His N5,000-per-litre projection is a warning about a possible future price under the economic conditions he described, rather than an announced petrol prices. ,
-9News Nigeria.
