SDP’s Adebayo Warns Petrol May Hit ₦5,000 If Tinubu Wins 2nd Term

Presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that the price of petrol could rise to as much as ₦5,000 per litre if President Bola Tinubu secures a second term in office.

Adebayo attributed the projection to what he described as the direction of the federal government’s economic policies, particularly the deregulation of the downstream petroleum sector and the continued floating of the naira.

In a statement issued by his presidential campaign’s Chief Communications Adviser, Mark Adebayo, the SDP candidate said the policies could push the Nigerian economy further into inflationary pressure.

He argued that the continued depreciation of the naira would remain a major factor affecting the cost of imported petroleum products, which are priced in dollars.

According to him, “Petrol in Nigeria is imported and priced in United States Dollars ($). As long as the Central Bank allows the Naira to float without strong local production backing it, the currency will continue to weaken.”

He added, “If the exchange rate hits ₦3,500 to $1 in the coming years, the landing cost of fuel alone will exceed ₦4,000.”

Adebayo further criticised the federal government’s decision to remove petrol subsidy, arguing that the policy had exposed consumers to fluctuations in international crude oil prices.

He said, “The current policy completely removes the government’s ability to cushion international oil price shocks. If global crude prices spike due to geopolitical tensions, Nigerian consumers will bear 100 per cent of the burden at the pump which automatically triggers a compounded inflation spiral.”

The SDP candidate linked higher petrol prices to rising transportation and food costs, saying increased fuel prices would continue to put pressure on household incomes.

“High fuel costs drive up transport inflation. Transport inflation drives up food inflation. This vicious cycle reduces the purchasing power of the Naira, forcing marketers to raise prices just to break even against operational costs,” he said.

Adebayo also cited high interest rates and infrastructure challenges as factors that could increase the cost of petroleum imports.

He said oil marketers were borrowing at high interest rates to finance imports, while financing charges, port-related expenses and distribution challenges were adding to the cost of petrol.

The SDP candidate described the current economic direction as a consequence of adopting what he termed “foreign IMF-style models” rather than policies centred on domestic production.

“We cannot run an economy purely on taxes, subsidy removal, and currency devaluation without producing anything internally,” he said.

Adebayo consequently warned that a ₦5,000 per litre petrol price could become a reality if the current economic policy direction continued.

“A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking,” he said.

“If Nigerians do not demand a change in economic philosophy, the pump price will catch up to this reality sooner than expected.”

He said an SDP administration would pursue policies aimed at increasing domestic refining capacity and reducing Nigerians’ exposure to international fuel-price shocks.

“When elected into office next year, my administration will immediately revive local refining capacity through transparent public-private models, and reintroduce targeted cushions to protect regular Nigerians from economic collapse,” Adebayo said.

The SDP candidate has also recently pledged that, if elected in 2027, his administration would seek to reduce petrol, cooking gas and aviation fuel prices to ₦200 per litre within its first year, through the revival of local refineries and support for modular refineries.