Adebayo warns petrol could hit N5,000 under Tinubu

Presidential hopeful Adewole Adebayo from the Social Democratic Party has cautioned that petrol prices could soar to N5,000 per litre if Bola Tinubu wins re-election. Adebayo revealed this in a statement released by his campaign's chief communications adviser, Mark Adebayo, on Wednesday. He cited deregulated petrol downstream sector and floating naira as the key reasons for the projected hike.

Nigeria's reliance on imported petrol priced in US dollars implies a potential surge in fuel costs if the naira depreciates further. A N5,000 fuel price is not a figment of imagination, but rather a logical outcome based on the path the Tinubu government appears to be taking, Adebayo pointed out. He also criticized the removal of fuel subsidies, stating that it leaves consumers vulnerable to global crude oil price fluctuations.

Higher petrol prices could escalate transportation costs, subsequently driving up the prices of food and other essentials, Adebayo warned. Other factors that could exacerbate the situation include high interest rates, port challenges, and distribution costs, according to the SDP candidate.