The Presidential Candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to as much as ₦5,000 per litre if President Bola Tinubu secures a second term in office.
Adebayo made the projection in a statement issued on Wednesday by his campaign’s Chief Communications Adviser, Mark Adebayo. He attributed the possible increase to the Federal Government’s deregulation of the downstream petroleum sector and the floating of the naira.
According to him, Nigeria’s continued dependence on imported petrol exposes domestic fuel prices to fluctuations in the foreign exchange market because petroleum products are priced internationally in US dollars.
Adebayo argued that if the naira depreciates to about ₦3,500 to the dollar, the landing cost of imported petrol alone could exceed ₦4,000 per litre, with transportation, financing, distribution and other costs potentially pushing the final pump price towards ₦5,000.
He also criticised the removal of fuel subsidies, arguing that consumers are now more exposed to increases in international crude oil prices. He said higher petrol prices would have knock-on effects on transportation and subsequently increase the cost of food and other essential commodities.
The SDP candidate further cited high interest rates, port-related challenges and distribution costs as additional factors that could raise the cost of importing and selling petrol.
“A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking,” Adebayo said, while calling for a change in the country’s economic approach.
Adebayo said that if elected in 2027, his administration would seek to revive local refining capacity through public-private partnerships and introduce targeted measures to cushion consumers from the impact of fuel prices. Earlier this month, he separately said he would seek to bring petrol, cooking gas and aviation fuel prices down to ₦200 per litre within 12 months of taking office.
The ₦5,000 projection is Adebayo’s forecast, rather than a confirmed future petrol price. Its realisation would depend on factors including exchange rates, crude oil prices, domestic refining capacity, import costs and government policy.