Petrol Price Increase Dampens Eid‑el‑Fitr Spending Despite Some Price Drops, Traders Say

Petrol price increase has dampened Eid‑el‑Fitr spending in Lagos despite price drops on some commodities.

Traders said that fluctuating food costs and rising transport expenses weakened consumers’ purchasing power.

Traders at Oyingbo and Surulere markets reported mixed reactions to patronage during the festive season, noting that while fresh harvests have pushed down the prices of some items such as tomatoes, peppers and onions, higher fuel costs have continued to weigh on buying patterns.

Many traders told the News Agency of Nigeria that the recent hike in petrol prices has driven up transportation and logistics costs, which are being passed on to food prices and limiting bulk purchases.

They noted while some commodities have recorded price drops due to fresh harvests, others remained persistently high, with the recent increase in fuel prices further weakening consumers’ purchasing power.

This, they said, have been transferred to food prices, limiting bulk purchases, and reducing market activity typically associated with festive periods.

At the Oyingbo Market, Bose Adeyemi, an egusi trader, said the commodity remains relatively expensive despite steady supply.

“A derica of hand-peeled egusi sells for about N3,000, while the engine-peeled one goes for N1,500,” she said.

She explained that hand-peeled egusi, known for its cleaner and whiter appearance, is often preferred by customers, with many believing it tastes better when cooked.

“Even with that, both types are widely used depending on what buyers can afford,” Adeyemi said.

According to her, a paint bucket of egusi, which contains about five dericas and weighs between 2.6kg and 3kg, sells between N8,500 and N10,000, depending on the quality and the seller.

A trader at the Oyingbo market,  Funmilola Gbajumo, said the high cost of egusi, worsened by transportation expenses, has continued to affect bulk purchases.

“People no longer buy full paint buckets like before. Most customers now ask for derica or even smaller measures.

“Egusi is no longer just food; it is becoming something people ration carefully,” she said.

She attributed the high prices to low production, strong demand, and increased costs of processing and transporting goods due to fuel price hikes.

Kudirat Lawal, an ogbono trader at the Oyingbo Market, said prices of the commodity remain high across markets.

“A paint bucket of ogbono, depending on size and quality, sells between N25,000 and N49,000, while smaller buckets go for between N21,000 and N37,000,” she said.

She added that a derica of ogbono is sold between N5,500 and N13,500 for higher-quality seeds, depending on the market and seller.

Lawal explained that prices vary based on seed quality, whether hand-picked or machine-processed, as well as location.

“Demand during festive periods like this also affects the price, and that is why it remains high,” she said.

At the Surulere markets, particularly Lawanson and its environs, traders say the mood is subdued despite the seasonal influx of fresh produce.

Abimbola Adegbite, a pepper seller, noted that while tomatoes and peppers are relatively more affordable compared to previous months, patronage has not improved.

She said a paint bucket of tomatoes sells between N2,750 and N7,000, while scotch bonnet pepper (rodo) ranges from N5,000 to N7,500.

She added that large baskets of tomatoes now sell between N10,000 and N30,000, a significant drop from over N140,000 recorded in 2024 and 2025 during periods of scarcity.

“The price has come down, but people are still not buying like before.

“Even with this reduction, customers complain that things are still expensive generally, especially with the cost of transport rising daily,” she said.

At the Idi-Araba Market, another trader, Sulaiman Kareem, attributed the slow market activity to reduced purchasing power linked to rising fuel costs.

“Onions are cheaper now compared to other items, but sales are still slow.

“A small paint bucket sells from about N3,000, and big bowls go for as much as N15,000, yet, people buy in small quantities,” he said.

He added that many customers now prefer to buy daily necessities in minimal portions as transport fares and other living costs continue to increase.

Some consumers who spoke to NAN said they are adjusting their spending habits due to the economic situation.

Aminat Yusuf, a resident of Surulere, said she now prioritises essential items.

“I only buy what I need for a day or two. Buying in bulk is difficult now.

“Even during this festive period, we still feel the strain because transport and other expenses have gone up,” she said.

Another resident, Chinedu Okeke, noted that the usual vibrancy associated with the season appears missing.

“The market is not as lively as expected. People are careful with spending.

“It feels like an ordinary period, not a festive season,” he said