A Former SDP Presidential Candidate, Adewole Adebayo has alleged that if Petrol reaches N3000 per litre, there are some individuals in Nigeria who would still purchase it at an higher cost.
He stated that in contrast to this, those with lower incomes, such as Okada or Keke riders might stop buying the fuel. He noted that this shift could reduce reliance on petrol, promoting the use of alternatives like compressed natural gas (CNG), which the current government is implementing. However, He warned that without proper governance, those who profit from subsidies in the government, banks, and petroleum industry might exploit other products.
He said in an interview with The Sun, ''I know that if Petrol is 3,000 per litre, Pastor Itoha will not miss his Church service; he will go and buy the fuel. Somebody riding Okada or Keke or a taxi driver can say I cannot afford it and say the increment of fuel is why the transport fare is going up. This increment will shift people away from using Petrol. You will see that mass transit will not use petrol. So instead of petrol, the present government is now doing CNG, although they are doing it slowly.
It is a good thing that they are doing that now. Former President Buhari passed the Petroleum Industry Act and said by 2023 June, we would stop funding subsidies. They passed the 2022 budget or appropriation Act and said they would not fund the subsidy. What I would have done is to expand the time and make sure that within that short time you at taking the people away from subsidized petrol, which means that if you are working in any City, you have access to transportation. However, it is unless you govern public finance very well, the subsidy thieves who are in the government, in the banks, and in the Petroleum Industry, will also move to another product.''