The 2023 presidential candidate of the SDP, Prince Adewole Adebayo, has warned that the price of fuel could reach N5,000 per litre if President Bola Tinubu wins the 2027 election again.
Adebayo said his prediction stems from the federal government's policies, particularly the removal of fuel subsidy, the full deregulation of the petroleum market, and allowing the Naira's value to float.
In a statement issued by his communications adviser, Mark Adebayo, the politician said the continued depreciation of the Naira could further increase the cost of importing fuel, which is priced in US dollars.
He said if the exchange rate reaches N3,500 per dollar, the cost of offloading fuel alone could exceed N4,000 per litre.
Adebayo also said the removal of fuel subsidy is leaving Nigerians to bear the burden of crude oil price changes in the global market, a situation that could further increase transport and food prices.
He said if this economic policy continues, a price of N5,000 will not be surprising.
However, Adebayo stated that if he is elected in 2027, his government will revive local refineries through public-private partnerships, along with providing special support to small-scale operators.