Adebayo Predicts Petrol Prices Could Reach N5,000 Under Tinubu

Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP), issued a warning that petrol prices in Nigeria could escalate to N5,000 per litre if President Bola Tinubu is re-elected. This prediction was communicated through a statement from his campaign’s Chief Communications Adviser, Mark Adebayo, on Wednesday.

Adebayo linked the potential price increase to the Federal Government's deregulation of the downstream petroleum sector and the floating of the naira. He emphasized that Nigeria's reliance on imported petrol, priced in US dollars, means that a further decline in the naira's value could significantly raise fuel costs.

Adebayo projected that if the exchange rate reaches N3,500 to a dollar, the landing cost of petrol could surpass N4,000 per litre. He criticized the removal of fuel subsidies, stating it exposes consumers to global crude oil price fluctuations, which would subsequently increase transportation costs and the prices of essential goods.