The Worst Yet to Come - Presidential Candidate Predicts Continued Rise in Fuel Prices

2023 presidential candidate from Nigeria's Social Democratic Party (SDP), Prince Adewole Adebayo has issued a warning to Nigerians about the future of fuel prices.

Despite Nigeria being Africa's largest oil producer, the country is grappling with severe fuel scarcity, which has forced the Nigerian National Petroleum Company (NNPC) Limited to hike pump prices from ₦650 to nearly ₦900.

This move aims to alleviate long queues at filling stations and increase supply. However, Adebayo contends that this price increase is just the beginning and will continue due to market dynamics and NNPC's financial troubles.

Adebayo urged Nigerians to "conserve their energy and tighten their belts for more challenging economic times soon." He emphasized that the current hike in fuel prices is inevitable and will not be reversed anytime soon.

According to him, President Bola Tinubu's administration is using the NNPCL to artificially lower prices, but this approach is unsustainable given the company's mounting debt and financial issues.

The presidential candidate also criticized the government's decision to end the fuel subsidy, calling it a "poorly planned and executed policy change." He recalled his earlier prediction that removing the subsidy would lead to higher oil prices, stating, "One of the greatest mistakes you could make is to adopt a policy of removing the subsidy."

This ongoing fuel crisis highlights broader economic challenges and policy debates in Nigeria, particularly concerning energy supply and pricing strategies. The scarcity, caused by the NNPC's inability to meet its debt obligations to international petroleum marketers, has persisted for weeks, leading to widespread public discontent. Opposition parties and labor unions have strongly resisted the price hikes, criticizing the government's handling of the situation.