The presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has warned that petrol could sell for as much as N5,000 per litre in the coming years if President Bola Tinubu secures a second term in the 2027 presidential election.
Adebayo gave the warning through a statement issued on Wednesday by his campaign’s Chief Communications Adviser, Comrade Mark Adebayo, following another increase in petrol prices across the country.
The latest increase has pushed petrol prices close to N1,500 per litre at some filling stations, adding to concerns over the rising cost of transportation and other essential goods and services.
Adebayo attributed the possibility of further increases to the direction of the Federal Government’s economic policies, particularly the deregulation of the downstream petroleum sector and the floating of the naira.
He argued that continued depreciation of the Nigerian currency could have a direct effect on the cost of imported petrol because the product is priced in US dollars.
According to him, a significant fall in the value of the naira would increase the landing cost of petrol and eventually place more pressure on pump prices.
“If the exchange rate hits N3,500 to $1 in the coming years, the landing cost of fuel alone will exceed N4,000,” Adebayo said.
He further warned that the situation could become more difficult for consumers because fluctuations in international crude oil prices could be reflected in domestic petrol prices following the removal of the subsidy.
President Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, saying the policy was necessary as part of his administration’s economic reforms.
The decision immediately triggered a sharp increase in petrol prices and contributed to higher transportation and living costs. The Federal Government, however, has continued to defend the policy, arguing that it has delivered economic benefits and reduced the burden of subsidy payments on public finances.
Former Vice President Atiku Abubakar, who is the presidential candidate of the African Democratic Congress (ADC), has said he would restore the petrol subsidy if elected, citing the need to reduce the hardship being experienced by Nigerians.
Peter Obi, the presidential candidate of the Nigeria Democratic Congress, and Allied Peoples Movement presidential candidate Seyi Makinde have, however, said they would retain the subsidy removal while seeking better management of the petroleum sector to make fuel more affordable.
The ADC has also criticised the latest increase in petrol prices, with the party warning that the rising cost of fuel was worsening pressure on households and businesses.
In a statement issued on Tuesday by its National Publicity Secretary, Bolaji Abdullahi, the party said the latest increase had come at a time when Nigerians were already dealing with higher transportation, food, electricity, education and housing costs.
“Every increase in the price of petrol directly raises the cost of living because businesses and households depend on fuel for transportation, electricity and other daily activities. President Tinubu has turned the petrol pump into an instrument of punishment for everyday Nigerians,” the party said.
The ADC also raised concerns about the effect of higher fuel prices on education, saying some private schools had reportedly increased their fees by between 30 and 40 per cent.
The party said parents were facing additional financial pressure because incomes had not risen at the same pace as the cost of food, transportation, rent, school fees and other household expenses.
It also acknowledged that private school operators were dealing with increased expenses, including electricity, petrol, rent, taxes and staff salaries.
The opposition party said the rising cost of fuel was also affecting businesses because companies had to spend more on transportation, electricity generation and the movement of goods.
“At N1,470 per litre, petrol is no longer simply a commodity. It is Tinubu Tax, which has made life unbearable for the majority,” the ADC said.
The party argued that economic reforms should eventually improve citizens’ welfare rather than increase the financial burden on households.
“A reform that continuously makes people poorer is not working,” it said.
Atiku has separately demanded greater transparency over government revenues and deductions, particularly those involving the Federation Account Allocation Committee (FAAC), following the latest petrol price increase.
Through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned why Nigerians were paying as much as N1,470 per litre when crude oil was trading at about $102.52 per barrel.
“With crude oil around $102.52 per barrel, Nigerians are paying as much as N1,470 per litre. In 2008, when crude oil reached about $147 per barrel, petrol sold at N65 per litre under the Yar’Adua administration,” Atiku said.
He called for a reconciliation of oil revenues and deductions from 2023 to date, saying Nigerians should be able to establish how much revenue was generated, what deductions were made before distribution and where the funds eventually went.
“Nigerians deserve accounts they can interrogate, not accounting labels designed to discourage questions,” he said.
Atiku also questioned the use of funds saved following the removal of the petrol subsidy, recalling that the government had said the savings would create room for greater investment in sectors such as education, healthcare and infrastructure.
“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?” he asked.
He further called for scrutiny of financial transactions involving the Renewed Hope Infrastructure Development Fund, OML 143, oil production revenues and the Nigerian National Petroleum Company Limited’s international liquefied natural gas trading operations.
“These allegations are too serious to be answered with press statements and political insults. Every barrel can be measured, every cargo identified and every legitimate payment traced,” Atiku said.
… Fuel Price May Hit N5,000/Litre Under Tinubu – Nigerians Warned Read More on … NaijaOnPoint.
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