Palm oil price goes up 40% in Enugu

Business News


The price of palm oil has skyrocketed in major markets across Enugu metropolis, placing the commodity beyond the reach of the common man.

A market survey conducted by NAN on Saturday revealed that the price of palm oil has risen by about 40 percent, compared to what its price was some months ago.

At Ogbete Main Market, Garki and Mayor markets, a five-litre keg of palm oil now sells for N2,350 as against N1,800 the previous month.

A 70cl bottle also cost N400 from N280 a few weeks back.

The survey also revealed that a 20-litre jerry-can of palm oil is now selling between N11,000 and N12,500 as against N9,000 and N9,500, depending on its processing pattern and grade.

Palm oil dealers, who spoke newsmen at the various major markets in the metropolis, attributed the increase to an off-season of the palm fruits for the year.

Mrs Oby Ofordile, a palm oil seller at Ogbete Main Market said that the price of oil as at January was between N250 and N270 per 70cl bottle, while 20-litre went for between N9,000 and N9,500.

Ofordile noted that scarcity of palm oil fruits had led to low productivity, thereby leading to a hike in the price of the commodity.

According to Miss Onyeka Agu, another seller of palm oil at Ogbete Market, a 25-liter jerry-can in major markets in the metropolis goes for between N13,000 and N14,500 while in the villages, where the oil is produced, the price stands at N12,500.

Source: NAN

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