The 2023 presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned Nigerians to brace up for higher fuel prices, noting that the current increase is only the beginning.
He added that the price of fuel will continue to increase even as he urges Nigerians not to waste their tears because price hikes are inevitable as the government continues to rely on market forces to determine fuel prices.
According to him, President Bola Tinubu is currently using the Nigerian National Petroleum Corporation Limited (NNPCL) to artificially keep prices lower than they would be under true market conditions.
However, he warned that this strategy is unsustainable, given the NNPCL’s financial struggles, including substantial debt.
Adebayo had previously expressed concerns about the removal of the subsidy, predicting a sharp increase in petrol prices.
He added that removing the fuel subsidy was a misstep, one that would drive…
Source: Thisday Newspaper
