SDP presidential candidate Adewole Adebayo has warned that petrol could cost as much as ₦5,000 per litre if President Bola Tinubu wins a second term, citing the naira’s depreciation and the deregulation of the petroleum sector. A report by Sahara Reporters said Adebayo issued the warning in a statement signed on Wednesday by his presidential […]

SDP presidential candidate Adewole Adebayo has warned that petrol could cost as much as ₦5,000 per litre if President Bola Tinubu wins a second term, citing the naira’s depreciation and the deregulation of the petroleum sector.

A report by Sahara Reporters said Adebayo issued the warning in a statement signed on Wednesday by his presidential campaign’s Chief Communications Adviser, Comrade Mark Adebayo.

Adebayo linked the possible increase to the Federal Government’s economic policies, particularly the floating of the naira and the removal of petrol subsidies.

He argued that because imported petrol is priced in dollars, further depreciation of the naira would raise import costs and ultimately translate into higher pump prices for Nigerian consumers.

The SDP candidate projected that if the exchange rate reaches ₦3,500 to the dollar, the landing cost of imported petrol could rise beyond ₦4,000 per litre.

He also said the removal of fuel subsidies had left consumers fully exposed to changes in international crude oil prices.

According to Adebayo, a sharp rise in global crude prices caused by geopolitical tensions could therefore be passed directly to Nigerian consumers, adding to the country’s inflationary pressures.

He said higher fuel prices would also increase transportation costs, which would subsequently push up food prices and other expenses, further reducing Nigerians’ purchasing power.

Adebayo identified high interest rates as another pressure on petroleum prices, saying marketers are borrowing at expensive rates to fund fuel imports.

He added that financing charges, alongside deteriorating port and distribution infrastructure, could add substantial costs to every litre of petrol.

The SDP candidate criticised the government’s reliance on taxation, subsidy removal and currency devaluation, arguing that Nigeria cannot sustainably run its economy on those measures without increasing domestic production.

He maintained that the ₦5,000 petrol projection was based on what he described as the current economic direction of the country.

Adebayo said that if elected in 2027, his administration would revive local refining capacity through transparent public-private partnerships.

He also pledged to introduce targeted measures aimed at protecting ordinary Nigerians from severe economic hardship.