Petrol Price Per Litre May Get To ₦5,000 Under Tinubu – Says SDP’s Adebayo

The price of petrol could rise to ₦5,000 per litre if President Bola Tinubu wins a second term, the Social Democratic Party (SDP) presidential candidate, Adewole Adebayo, has warned.

Adebayo said the projected increase could be driven by the Federal Government’s deregulation of the downstream petroleum sector and the floating of the naira.

He made the claim in a statement issued by his campaign’s Chief Communications Adviser, Mark Adebayo, on Wednesday, Naija News reports.

According to him, Nigeria’s continued dependence on imported petrol exposes the country to movements in the foreign exchange market because the product is priced in US dollars.

He argued that a further fall in the value of the naira could push up the cost of petrol significantly.

Adebayo said if the exchange rate rises to ₦3,500 to a dollar in the coming years, the landing cost of petrol alone could exceed ₦4,000 per litre.

“A ₦5,000 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 criticized the removal of fuel subsidies, saying the policy has left consumers exposed to changes in global crude oil prices.

He warned that any further increase in petrol prices could raise transportation costs and lead to higher prices for food and other essential goods.

Adebayo also identified high interest rates, challenges at the ports and distribution costs as other factors that could increase the cost of importing and distributing petrol in Nigeria.