Why prices of cooking oil are up in Enugu

Prices of palm oil and vegetable oil have skyrocketed in major markets across Enugu metropolis, placing both commodities beyond the reach of many consumers, the News Agency of Nigeria (NAN) reports. A market survey conducted by the NAN revealed that the prices of cooking oil have risen by about 40 per cent compared to what […]

Prices of palm oil and vegetable oil have skyrocketed in major markets across Enugu metropolis, placing both commodities beyond the reach of many consumers, the News Agency of Nigeria (NAN) reports.

A market survey conducted by the NAN revealed that the prices of cooking oil have risen by about 40 per cent compared to what they were some months ago.

At the Ogbete Main Market, Garki and Mayor markets, a 5-litre keg of palm oil now sells at N2,450, as against N1,800 in the previous month.

A 70 Cl bottle now goes for N500 from N380 a few weeks back.

The survey also revealed that a 20-litre jerry-can of palm oil is now selling between N14,000 and N15,000 as against N9,000 and N11,500 based on its processing pattern and grade.

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

Mrs Florence Abah, a palm oil seller at Ogbete Main Market, said the price of oil as at September was between N350 and N400 per 70cl bottle, while 20-litre went for between N9,000 and N9,500.

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

In the same vein, Miss Nonye Offor, another seller of palm oil at Garki market, said that a 25-litre jerry-can in major markets in the metropolis was sold between N16,000 and N17,500.

According to a vegetable oil seller at Garki market, Mr Romanus Uzo, the price of vegetable oil had increased significantly in all the markets in Enugu. (NAN)