Fuel price will hit N5,000/litre under Tinubu – SDP’s Adebayo warns

The Social Democratic Party, SDP, presidential candidate, Adewole Adebayo, has warned that fuel prices in Nigeria could soar to N5,000 per litre under President Bola Tinubu's proposed second term, according to a statement released by his campaign's Chief Communications Adviser, Comrade Mark Adebayo. This dire forecast comes amidst a recent surge in petrol prices, which have reached a concerning N1,500 at certain filling stations across Nigeria.

Adebayo's warning is rooted in the current economic policies of Tinubu's administration. He specifically highlighted the deregulation of the petroleum downstream sector and the floating of the naira as key factors driving the potential fuel price hike. The campaign's statement stressed that a weaker naira could significantly increase the cost of imported petrol, as the product is priced in US dollars. Consequently, a weaker naira would lead to higher landing costs for fuel in Nigeria.

Furthermore, Adebayo pointed out that if the exchange rate were to reach N3,500 to $1 in the next few years, the cost of fuel alone could exceed N4,000. He criticized the removal of petrol subsidies, arguing that they had left consumers more vulnerable to fluctuations in international crude oil prices. Adebayo warned that a rise in global crude prices could be directly passed onto Nigerian consumers through higher pump prices, emphasizing the potential economic pressure on the populace.