Skip to main content

This is just beginning, fuel prices will keep rising, Presidential candidate

The worst yet to come - Presidential candidate says fuel prices will keep rising

Adebayo urged Nigerians to conserve their energy and tighten their belts for more challenging economic times soon.

A presidential candidate in the 2023 presidential election, Prince Adewole Adebayo, has asked Nigerians to brace themselves for even higher fuel prices, stating that the current hike is just the beginning.

Nigerians are currently paying through their noses for fuel after scarcity hit Africa's largest oil producer, forcing the commodity’s prices to go through the roof.

The scarcity, caused by the supply shortage resulting from the inability of the Nigerian National Petroleum Company (NNPC) Limited to meet its debt obligations to international petroleum marketers, has lingered for weeks.

In response, the NNPCL jacked up the pump price of fuel last week from ₦650 to nearly ₦900 with the hope of increasing supply and consequently fading out the long queues at filling stations nationwide.

However, the move received strong resistance from many Nigerians, especially the opposition parties and labour unions who lampooned President Bola Tinubu's administration's decision to end the fuel subsidy regime.

President Bola Tinubu [Presidency]
President Bola Tinubu [Presidency]

Presidential candidate predicts higher fuel prices.

Meanwhile, Adebayo, who ran for the president on the platform of the Social Democratic Party (SDP), said the hike in fuel prices won't be reversed anytime soon.

He stressed that it's inevitable that the price of the commodity will continue to rise, urging Nigerians not to lament as the government is committed to allowing market forces to dictate the prices.

According to him, President Tinubu is currently using the NNPCL to artificially lower the prices, noting that the approach is unsustainable due to the financial troubles and mounting debt the national oil company is enmeshed in.

Adebayo recalled his prediction of a hike in oil prices following the removal of the subsidy, restating that the policy shift was ill-thought-out and poorly executed.

“One of the greatest mistakes you could make is to adopt a policy of removing the subsidy,” he remarked.

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

EFCC insists on presentation of Grace Tiaga's death certificate in P&ID case

Tiaga's counsel communicated the unavailability of the death certificate, requesting additional time. The Economic and Financial Crimes Commission (EFCC) is steadfast in its demand for the death certificate of the late Grace Tiaga, a former director of legal services at the Ministry of Petroleum Resources, to be submitted in court. Tiaga faced charges brought by the EFCC, alleging her involvement in receiving payments from Process & Industrial Development (P&ID) to manipulate the 20-year gas supply and processing agreement (GSPA) against Nigeria. The EFCC claims that these illicit payments were made through her daughter and persisted even after her retirement. The accusations extend to Tiaga's purported failure to adhere to due process while providing legal counsel on the GSPA. Initially facing eight counts of fraud, she was remanded to Suleja prison in 2019, later granted bail, and the charges were expanded to 13 counts. As the trial progressed, the prosecution p
Post a Comment
Read more

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari
Post a Comment
Read more

EndSARS, Aba women riot & 3 historical protests that shook Nigeria

These protests underscore the resilience and activism of the Nigerian people in their pursuit of justice, equity, and better governance. Ahead of the planned nationwide protest against President Bola Tinubu's administration, lawmakers and other government officials have appealed to Nigerian youths to shun the protest and seek dialogue for resolution. It is believed that the federal government has already stepped up advocacy and appeals to avoid what happened in Kenya a few weeks ago. The planned demonstration slated for Thursday, August 1, further stretches Nigeria's rich history of civil protests driven by various socio-political and economic issues. These protests have significantly influenced the country's trajectory. Here are five historical protests that have left an indelible mark on Nigeria: 1. Aba Women's Riot (1929) Aba Women's Riot (1929) The Aba Women's Riot, also known as the Women's War, was a major anti-colonial revolt by women in sou
Post a Comment
Read more