Palm oil price increases by 20% in Kwara markets

By Mike Adeyemi

The price of palm oil has further increased in major markets across Ilorin metropolis, National Pilot learnt.

A market survey conducted by our reporter on Friday revealed that the price of palm oil has again increased by 20 per cent when compared to what its price was some days ago.

The price of palm oil at Ipata, Obo Road and Mandate markets increased as a five-litre keg of palm oil now goes for N3,500 to N4000 as against N2,000 the previous week.

A 70Cl bottle has also increased from N500 to N700 in the same period.

The report also revealed that a 25-litre jerry-can of palm oil is now sold for between N19,000 and N21,500 as against N16,500 and N18,000 depending on its processing pattern and grade.

Palm oil dealers, who spoke at the various major markets in the metropolis, blamed the increase in palm oil price on palm fruits season for its season had come to an end.

Mrs. Nafisat Aiyelabegan, a palm oil seller at Ipata Market said that price of oil as at June and down the months was between N400 and N450 per 70cl bottle.

She added that a 25-litre then went for between N10,500 and N11,000, when it recorded production increase from June.

“The scarcity of palm kernel has led to less production of oil thereby causing the increase in price of the commodity,” Aiyelabegan said.

According to Ganiyat Kolade, another seller of palm oil at Obbo Market, said a 25-litre jerry-can in major markets in the metropolis goes for between N21,000 while in the villages where most of the oil is produced stands at N19,500.

In the same vein, Alimat Garuba, another palm oil dealer at Mandate market, expressed the hope that the price of the commodity might remain relatively stable.

Garuba said that there was much production of palm oil during the harvest season as it would make it available for sale until next season.

“I am hopeful that the price of palm oil will not increase further than this because many producers were committed in palm oil production this year,” she said.

A buyer at Sawmill Market, Mrs. Abolore Ibrahim, said that the price was becoming unaffordable for many families.

“Buying 70cl bottle of palm oil for N700 is too high as many families cannot afford it, “she said.


Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button