Price of palm oil remains stable in Enugu major markets

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By Maureen Ojinaka

Enugu – The price of palm oil has remained stable spite of high cost of other foodstuffs in major markets in Enugu metropolis, the News Agency of Nigeria (NAN) reports.

A market survey conducted by NAN some markets in Enugu metropolis on Saturday, revealed that the price of palm oil had been stable for several months to date.

A 20-litre jerry can of the product goes for between N9, 000 and N9, 500, depending on the method of processing and quality.

According to the survey, five litres of palm oil go for between N2, 300 and N 2, 400, a 70cl bottle remains between N300 and N350 while 25 litres goes for N13, 000.

Some palm oil dealers, who spoke with NAN, attributed the price stability to harvesting season of palm oil fruits and massive local production by Nigerian farmers.

Mrs Onyeka Umeh, told NAN at New Market, that the price of palm oil had not witnessed any remarkable rise that market since May 2019.

“The massive production of palm oil Nigeria and its harvest season, has encouraged continued local processing, availability and price stability,” Umeh said.

Mrs Chioma Orji, another dealer at Garki Market, said that no significant change palm oil price had been experienced in both the rural areas and the urban centres.

“The price of palm oil is almost the same both city markets and the rural markets.

“A 25-litre keg is sold for N13,000 or N13,500 the metropolis, same quantity is sold at N11,000 in the rural markets, so there is no much difference,” she said.

Also speaking with NAN, Mrs Joy Agu, a trader at the Ogbete Main Market, described the stability palm oil price as a good omen.

Agu called on the to support the producers and dealers with modern preservation techniques to ensure safe storage of the product.

However, other foodstuffs such as garri, tomatoes and onions have significantly increased price.

NAN survey revealed that a five-litre bucket of white garri was sold at N800 while the yellow garri was sold at N950 as against N400 and N550 respectively.

The survey further revealed that a basket of tomatoes was sold between N18,000 and N24, 000 at New Akwata Market, depending on its size.

The price of onion has increased by 100 per cent as a bag of onion now goes for N21, 000 as against N10,000.