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Inflation, Economic Uncertainties Push Price of Palm Oil up 40% in Enugu

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palm oil

Price of Palm Oil rose by 40% in Enugu State

The rising cost of goods and services amid economic uncertainties has pushed the price of a key food ingredient in Nigeria, palm oil, up by around 40 percent in Enugu metropolis, according to a recent report by NAN.

The survey revealed that at Ogbete main market, Garki and Mayor markets, a 5 litre key of palm oil now sells for N2,350, up from N1,800 it was sold in August.

Similarly, the price of a 70cl bottle rose from N280 a few weeks ago to N400.

The survey also revealed that a 20-litre jerry-can of palm oil is now selling between N11,000 and N12,500 as against N9,000 and N9,500, depending on its processing pattern and grade.

Palm oil dealers, who spoke newsmen at the various major markets in the metropolis, attributed the increase to an off-season of the palm fruits for the year.

Mrs Oby Ofordile, a palm oil seller at Ogbete Main Market said that “the price of oil as at January was between N250 and N270 per 70cl bottle, while 20-litre went for between N9,000 and N9,500.

Ofordile noted that scarcity of palm oil fruits had led to low productivity, thereby leading to a hike in the price of the commodity.

According to Miss Onyeka Agu, another seller of palm oil at Ogbete Market, a 25-litre jerry-can in major markets in the metropolis goes for between N13,000 and N14,500 while in the villages, where the oil is produced, the price stands at N12,500.

Mrs Lucy Adindu, a palm oil seller at Garki Market, corroborated Ofodile’s views, hinging the price hike on palm fruits being out of season.

“The price of the commodity will come down when next harvest period sets in,” Adindu said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.