2027: Adebayo says petrol could rise to N5,000 per litre under Tinubu

Presidential candidate of the Social Democratic Party SDP, Prince Adewole Adebayo, has warned that petrol could rise to N5,000 per litre if President Bola Tinubu secures a second term in 2027.

Adebayo attributed the projection to the Federal Government’s economic policies, particularly the deregulation of the downstream petroleum sector and the floating of the naira.

In a statement issued by his campaign’s Chief Communications Adviser, Mark Adebayo, the SDP candidate said the policies could further weaken the naira and increase the cost of imported petrol.

He identified currency depreciation as a major factor behind his projection, noting that Nigeria’s petrol imports are priced in US dollars.

According to him, a significant fall in the value of the naira would push up the landing cost of petrol.

“Petrol is imported and priced in US dollars. If the naira continues to float without strong local production to support it, the currency will remain under pressure,” Adebayo said.

He added that an exchange rate of N3,500 to $1 could push the landing cost of petrol above N4,000 per litre.

Adebayo also criticised the removal of petrol subsidies, arguing that the policy leaves consumers more exposed to changes in global crude oil prices.

He said a rise in international crude prices would immediately affect petrol costs in Nigeria.

The SDP candidate explained that higher fuel prices increase transport costs, which in turn raise food prices and reduce consumers’ purchasing power.

He also cited high interest rates and weak distribution infrastructure as additional factors that could increase the cost of petroleum products.

According to Adebayo, marketers who borrow at high interest rates to finance imports could pass those costs on to consumers.

He described the current economic hardship as a consequence of relying heavily on taxes, subsidy removal and currency devaluation without sufficient domestic production.

“We cannot build an economy around taxes, subsidy removal and currency devaluation while failing to produce enough goods and services locally,” he said.

Adebayo maintained that the N5,000 petrol price projection could become reality if the current economic direction continues.

“A N5,000 pump price is not impossible. It follows from the economic direction we are seeing. Without a change in policy, Nigerians could face much higher fuel costs,” Adebayo said.

The SDP candidate also outlined his proposed approach if elected president in 2027.

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

“Our administration will revive local refining capacity through transparent public-private partnerships and provide targeted support to protect Nigerians from severe economic hardship,” he said.