Traders, Buyers Lament Sharp Increase in Palm Oil Prices

They told the News Agency of Nigeria (NAN) in Lagos that the hike was as a result of the restriction placed of imported palm oil.

NAN reports that a 20-litre keg of palm oil now sells for N6, 500, as against the N6, 000 it attracted earlier in the year.

The finding also indicated that the price per bottle had also increased from N200 to N250.

A palm oil trader at the market, Mrs Tola Adewale, said that buyers were complaining about the price hike, occasioned by the scarcity of the commodity.

Adewale, however, said that there would a be likely drop in the price from next month when the market would be flooded with the commodity.

“This is not the season for mass production of palm oil. That is why our customers are feeling the effects of the scarcity now.

“The season for its mass production will start in March.

“Now, the price fluctuates between N6, 000 and N6, 500 for the a-20 litre keg, which we used to sell at N5, 500 or even N5, 000,’’ Adewale said.

Another palm oil trader at the Ketu Market, Mr Jude Ike, said that the restriction on importation by the Nigeria Customs Service, (NCS) was affecting the availability of the commodity.

Ike said that he was particularly happy about the situation, stating that the order would promote local production.

“I will say it is a welcome development that the NSC would restrict the importation of palm oil from the neighbouring countries.

“This step will improve and boost our local production of the produce; but the commodity is lacking in the market now.

“The price has gone up because of this and we wish that the production of palm oil in Nigeria will increase also, the season is beginning anytime from now,’’ Ike said.

Some of the consumers told NAN said that they had to spend more to get palm oil, to enable them to resell it in other markets and shops.