Palm oil records slight increase in price in Enugu

Palm Oil

Palm oil

Palm oil…

A MARKET survey conducted by the News Agency of Nigeria (NAN) has revealed that there is a slight rise in the price of palm oil in Enugu metropolis of Enugu State, when compared to what the price was a couple of months ago.

According to the NAN report Saturday,  the price of palm oil at Akwata, Garki and Mayor markets increased as a 5-litre keg of in the markets now goes for N2,350 as against N1,800 the previous month. A 70cl bottle also increased from N300 to N400 in the same period.

The survey also revealed that a 25-litre jerry-can of the oil sold for between N9,000 and N9,500 as against N7,500 and N8,000, depending on its processing pattern and grade.

The report indicated that dealers  at the various major markets in the metropolis, blamed the increase on palm fruits season for this year, which was gradually coming to an end.

An oil seller at Akwata Market, Mrs Nnena Okoye, said that a price of oil as at January and down the months was between N250 and N280 per 70cl bottle while a 25-litre went for between N7,500 and N8,000, adding that it recorded an increase from July.

She noted that the scarcity of palm fruits had led to less production of the oil thereby causing the increase in price of the produce.

According to another seller at Akwata Market, Joy Ogbu, a 25-litre jerry-can in major markets in the metropolis goes for between N900 and N9,500 while in the villages, where most of the oil is produced, stands at N8,500.

Another palm oil seller at Garki Market, Mr Emenike Ndubisi, restated that the increase in the price of the oil was because the palm fruit were out of season.

He hoped that the price of the commodity may remain relatively stable as much had been produced during the harvest season and would be available for sale till next season.

“I have palm oil tree plantation in Abia State, which is where I get palm fruits to produce the oil I am selling and with the amount of oil I have presently, there will be no scarcity of the oil,” he added.

A buyer at Mayor Market, Mrs Dumebi Ukoha said that the price was still affordable unlike when it was sold for N1,000 per bottle in 2017.

Ukoha said that buying 70cl bottle of the oil for N400 was not too high as many families could afford it.


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