The price of palm oil has increased in major markets in Ilorin, Kwara State.
LEADERSHIP gathered that the palm oil sellers have increased the cost of their product by 20 per cent.
A survey conducted at Ipata, Obbo Road and Mandate Markets, all in Ilorin showed that a five-litre keg of palm oil now goes for between N3, 500 and N4, 000 as against the hitherto price of N2, 000.
The price of a 70Cl bottle of palm oil is now N700 as against the previous price of N500.
Palm oil sellers blamed increase in the price of the commodity on scarcity of palm oil nuts.
Mrs Nafisat Aiyelabegan, a palm oil seller at Ipata market, confirmed that the price of palm oil, as at June was between N400 and N450 per 70cl bottle, but added that the same quantity now goes for N700.
“The scarcity of palm oil nuts has led to less production of oil thereby, causing increase in price of the commodity,” Aiyelabegan said.
According to Mrs Ganiyat Kolade, another palm oil seller at Obbo Market, a 25-litre jerry can of the commodity now goes for N21, 000 as against the old price of N18, 000.
She said the prices of the commodity would stabilise only when palm oil nuts are available in abundance.