Palm Oil Traders, Consumers Worry Over Price Increase

Palm oil traders and consumers in Abakaliki have expressed concern over persistent inflationary pressures threatening yet another price surge.

The News Agency of Nigeria (NAN) survey at the International Market and other trading outlets in Abakaliki showed that the price of a litre of oil increased to between N1,800 and N2,000, as against N1,200 and N1,500 sold in April and May.

Also, a 10-litre gallon of palm oil is sold between N28,000 and N30,000, while a 25-litre gallon is sold between N58,000 and N60,000, compared with N50,000 and N55,000 in May.

A trader, Greg Okpaga, described the price increase as an unstable season for palm fruits due to high demand.

“The price rise will continue because this is not the season of palm fruits,” Okpaga said.

A trader, Felix Amani, said the current price of palm oil varies depending on the seed type (Urazi), the mill (handmade), and the quantity to be purchased.

Amani attributed the price increase to the off-season of the palm fruits.

“There is no steady price, and the increase is not our fault,” Amani said.

Meanwhile, Blessing Ede, a consumer, said palm fruits were in their peak season, making oil available despite the price increase.

“This is the ideal time for traders to buy in bulk directly from local markets to store for future profit.

“Harvesting continues year-round, but this peak period is when local mills are most active,” Ede said.