Prices of Palm oil drops in major markets

Court remands man for stealing 50 gallons of palm oil in Osun
A market survey has shown that the prices of palm oil have gone down in major markets across the country.

A market survey conducted by iBrandTV on Thursday shows that the reduction in price is considerable when compared to the situation two months ago.

iBrandTV gathered that in Boundary, Ketu, amongst other major markets in Lagos, a 5-litre keg is now 3,300 against N5,000 it was sold in January 2021.

Also, the price of 25-litre jerry can of palm oil is sold between N13,000 and N14,500 against the old prices of N21,500 and N23,000

Also, at Ogbete Main Market, Garki and Mayor markets, a 5-litre keg is now N3,600 against N5,000 two months ago.

A 70 cl bottle is now N500 down from N700 two months ago.

The survey also showed that a 25-litre jerry can of palm oil is sold between N13,500 and N14,500 against the old prices of N21,500 and N23,000 depending on its processing pattern and grade.

Palm oil dealers, who spoke with iBrandTV at the various major markets, attributed the price reduction of the product to the gradual commencement of the palm fruits season.

This has led to the gradual production of the oil thereby, causing a reduction in the price of the commodity.

Mrs Ekwutosi Oko, a palm oil seller at Garki Market said that as at January, price was between N650 and N700 per 70cl bottle while 25-litre was sold between N26,000 and N28,000.

According to Maria Nwakwo, another seller at Ogbete Main Market, a 25-litre jerry can in major markets in the metropolis is sold between N15, 500 and N17, 000.

Nwakwo added that the price of the product in the villages where most of the oil was produced stood at N13,500.

Mrs Ify Ochulugha, another palm oil seller at Top Land Market, expressed the hope that the price of the commodity would be further reduced as its abundant harvest season got closer.

“I am hopeful that the price of palm oil will go down further because, during its mass harvesting season, many producers will be committed to its production this year,” Ochulugha said.

A buyer at Mayor Market, Miss Esther Chibueze, said that the price was becoming affordable when compared to what it was two months ago.

“Buying 70cl bottle of palm oil for N500 now shows that many families can afford it,” she added.

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