Palm oil traders, consumers worry over price increase

Palm oil traders and consumers in Abakaliki have expressed worry over the persistent inflationary pressure threatening yet another price surge.

Our correspondent survey at the International Market and other trading outlets in Abakaliki showed that a litre price of oil increased to betweenN1, 800 and N 2, 000 as against N1,200 and N1,500 sold in April and May.

Our correspondent also reports that a 10 litre gallon of the palm oil is sold at between N28,000 and N30,000 while a 25 litre gallon is sold for between N58,000 and N60,000 as against N50,000 and N55,000 sold in May.

Mr Greg Okpaga, a trader described the price increase as unstable price season of palm fruits following high demand.

“The price rise will continue because this is not the season of palm fruits,” Okpaga said.

Mr Felix Amani, a trader, said the current price of palm oil varied depending on the seed known as Urazi handmade, mill oil and the quantity to be purchased.

Amani attributed the price increase to off season of the palm fruits.

“There is no steady price and the increase is not our fault,” Amani said.

Meanwhile, Mrs Blessing Ede, a consumer, said palm fruits were at their peak season, which made oil available in spite of the price increase.

“This is the ideal time that traders buy in bulk directly from local markets to store for future profit.

“Harvesting continues year-round, but this peak period is when local mills are most active,” Ede said.