The Social Democratic Party, SDP, presidential candidate, Adewole Adebayo, has warned that fuel prices will soon hit N5,000 per litre if President Bola Tinubu secures a second term in the forthcoming 2027 general elections.
This is contained in a statement by his campaign’s Chief Communications Adviser, Comrade Mark Adebayo, on Wednesday.
The warning came following a fresh hike in petrol prices that has pushed pump prices close to N1,500 at some filling stations in parts of Nigeria.
He said the remark was due to the direction of the economic policies of the Tinubu administration, especially the deregulation of the petroleum downstream sector and the continued floating of the naira.
The presidential candidate further stated that the continued depreciation of the naira could significantly increase the cost of imported petrol because the product is priced in US dollars.
According to him, a weaker naira would therefore translate into higher landing costs for fuel.
“If the exchange rate hits N3,500 to $1 in the coming years, the landing cost of fuel alone will exceed N4,000,” Adebayo said.
He argued that the current economic direction could place further pressure on consumers, criticising the removal of petrol subsidies.
Adebayo reiterated that the policy had left consumers more exposed to movements in international crude oil prices, warning that a rise in global crude prices could be passed directly to Nigerian consumers through higher pump prices.