Adebayo Warns Fuel Price Could Reach ₦5,000
SDP candidate Adewole Adebayo says petrol could reach ₦5,000 per litre, citing exchange rates, deregulation and rising import costs.
Adebayo made the projection in a press release signed on Wednesday by Mark Adebayo, the Chief Communications Adviser to his presidential campaign.
He linked the forecast to the Federal Government’s economic policies, particularly the full deregulation of the petroleum downstream sector and the floating of the naira.
Adebayo said his estimate was mainly based on the relationship between the exchange rate and the cost of imported petrol. He noted that imported fuel is priced in US dollars, meaning a weaker naira would increase import costs.
“If the exchange rate hits ₦3,500 to $1 in the coming years, the landing cost of fuel alone will exceed ₦4,000,” he said.
He added: “You cannot have economy illiterates running your country and expect the people not to suffer. They don’t understand how to run a developing economy in a complex modern global dynamic. The realities are faster than their capabilities can operationalise.”
On fuel subsidy removal, Adebayo argued that the policy had reduced the government’s ability to protect consumers from changes in global crude oil prices.
“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% of the burden at the pump which automatically triggers a compounded inflation spiral,” he said.
He continued: “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.
“High interest rates from the Central Bank mean oil marketers are borrowing at exorbitant rates to fund imports. These financing fees, alongside decaying port and distribution infrastructure, add hundreds of Naira in hidden costs to every liter of fuel.”
Adebayo said the economic pressure facing Nigerians was a predictable result of adopting what he called “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 stated.
“A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking. If Nigerians do not demand a change in economic philosophy, the pump price will catch up to this reality sooner than expected.”
Adebayo said his administration would restore local refining capacity through transparent public-private models and introduce targeted support for Nigerians facing economic hardship.
“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,” he said.
What do you think would have the greatest effect on petrol prices?
