SDP’s Adebayo Warns Petrol Could Hit N5,000 Under Tinubu

The presidential candidate of the Social Democratic Party, Adewole Adebayo, has warned that the price of petrol could rise to N5,000 per litre if President Bola Tinubu secures a second term in office.

Adebayo made the projection in a statement issued on Wednesday by his campaign’s Chief Communications Adviser, Mark Adebayo.

He attributed the projected increase to the Federal Government’s deregulation of the downstream petroleum sector and the continued floating of the naira.

According to him, Nigeria’s dependence on imported petrol means that further depreciation of the naira could significantly increase the cost of the product because international petroleum transactions are largely denominated in US dollars.

Adebayo said an exchange rate of N3,500 to the dollar in the coming years could push the landing cost of petrol above N4,000 per litre.

He described the N5,000 projection as a possible outcome of the current economic direction rather than an arbitrary figure.

The SDP candidate also criticised the removal of petrol subsidies, arguing that the policy has left consumers more exposed to fluctuations in international crude oil prices.

He warned that a rise in global crude prices could translate into higher petrol costs for Nigerian consumers.

Adebayo said higher petrol prices would have wider consequences for the economy because increased fuel costs typically raise transportation expenses, which could subsequently push up the prices of food and other essential goods.

He also identified high interest rates, port-related challenges and distribution costs as factors that could further increase the cost of importing and distributing petroleum products.

According to him, marketers that borrow at high interest rates to finance fuel imports may eventually transfer the additional financial burden to consumers through higher pump prices.

Adebayo argued that Nigeria could reduce its exposure to these pressures by strengthening domestic refining capacity and increasing local production.

He said the country could not sustainably rely on taxation, subsidy removal and currency devaluation without simultaneously expanding domestic production.

The SDP candidate also outlined some of his proposed economic measures ahead of the 2027 presidential election.

He said his administration would seek to revive local refining through transparent public-private partnerships and introduce targeted measures to protect Nigerians from rising living costs.

Adebayo maintained that without significant changes to economic policy, Nigerians could face further increases in petrol prices and other living expenses.