By Benson Daniel
Social Democratic Party (SDP) presidential candidate Adewole Adebayo has warned that Nigerians could end up paying as much as ₦5,000 per litre for petrol if President Bola Tinubu secures a second term and market-driven fuel pricing continues.
Adebayo made the remark while discussing the implications of petrol subsidy removal and the Federal Government’s decision to allow market forces to determine fuel prices.
He argued that Nigerians should not expect government to guarantee a fixed pump price for petrol, saying prices would continue to respond to changes in the international market, logistics and other costs associated with petroleum products.
Adebayo said the development could expose consumers to significantly higher prices, including a possible ₦5,000 per litre, if market conditions and other cost factors continue to push prices upward.
He also maintained that the completion of local refineries would not automatically guarantee a major reduction in petrol prices, noting that several factors contribute to the final cost of petroleum products.
According to him, local refining could reduce some expenses, particularly shipping and certain logistics costs, but other operational and maintenance expenses could still keep pump prices high.
He said the focus of government policy should therefore extend beyond attempts to control petrol prices, stressing the need to improve productivity, transportation, infrastructure, electricity supply and household incomes.
Adebayo argued that Nigerians who do not own vehicles or depend heavily on generators would be less directly affected by petrol price increases if the country developed reliable public transportation and electricity infrastructure.
He also called for greater investment in roads, railways, buses and other forms of mass transportation to reduce Nigerians’ dependence on petrol.
The SDP politician had previously criticised the immediate removal of petrol subsidy, arguing that government should first address waste and corruption associated with the subsidy system while improving domestic refining capacity and transportation infrastructure.
Adebayo said the broader objective should be to create an economy where rising productivity and incomes make households less vulnerable to fluctuations in the price of petrol.
He stressed that government policies should focus on creating conditions that allow Nigerians to work, produce, farm and conduct businesses at lower costs rather than relying primarily on temporary palliatives.
The statement comes amid renewed political debate over fuel prices and the economic consequences of the Tinubu administration’s petroleum-sector reforms.
Leave a comment