Palm oil business profitable – Traders

Dealers in palm oil in Edo State have said that although the price of the commodity reduced recently, they still smile home at the end of the day. Daily Trust on Sunday learnt that a drum of palm oil is sold between N240,000 and N250,000 while a jerry-can of 20 litres costs N24,000. Ten litres […]

Dealers in palm oil in Edo State have said that although the price of the commodity reduced recently, they still smile home at the end of the day.

Daily Trust on Sunday learnt that a drum of palm oil is sold between N240,000 and N250,000 while a jerry-can of 20 litres costs N24,000. Ten litres of the commodity go for N12,000, four litres cost N5,500 while two litres sell at N1,600 and one litre goes for N800.

Also, four litres of Okomu oil go for N5,800 while two litres of it cost N3,800.

Some of the traders who spoke to Daily Trust on Sunday said they got their products from millers in the state, as well as major plantations, such as Okomu, Pressco.

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A dealer in the commodity, Mrs Judit Gabriel, said they bought from millers in the state.

“The business of palm oil is good because it doesn’t have season. Once you have the product people must buy from you as long as they cook.

“We sell 10 litres at N12,000, four litres go for N5,500, two litres sell at N1,600 and one litre goes for N800,” she said.

She said the price is now relatively low, adding that before now, a drum was sold at N350,000, adding that palm oil business is profitable.

Mr Jude Chigoze also said he had been in the business for the last seven years.

He said, “Before now we contributed to buy a drum of palm oil, but now, I am on my own. We are buying in drums from millers within Benin City, as well as plantain owners in the state.”

On the profit they make, he said, “Palm oil business is good because you must smile home on a daily basis.

“In Edo State, getting the product is not difficult because there are lots of palm oil plantations and local millers. As long as you have a place to sell palm oil, you must earn a leaving.”

On her part, Mrs Uwa Osaremen said the price of palm oil is relatively low at the moment compared to previous months.

She said that from the profit of the business he is supporting his family and had done a lot of things.

“Getting the product was somehow difficult, but now, we have a local palm oil mill where we get the commodity,” she said.