The price of palm oil has increased in major markets across the Ilorin metropolis, Daily Trust can report.
A market survey conducted by our reporter showed that the price of palm oil has increased by about 20 per cent compared to last week.
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At Ipata, Obo road and Mandate markets, it was discovered a five-litre keg of palm oil now goes for N3,500 to N4000 as against N2,000 the previous week.
A 70cl bottle has also increased from N500 to N700 in the same period.
Also, a 25-litre jerry-can of palm oil is now sold for between N19,000 and N21,500 as against N16,500 and N18,000 depending on its processing pattern and grade.
Palm oil dealers, who spoke at the various major markets in the metropolis, blamed the increase on the palm fruits season that has ended.
Mrs. Nafisat Aiyelabegan , a palm oil seller at Ipata Market said that the price of oil as at June and down the months was between N400 and N450 per 70cl bottle.
She added that a 25-litre then went for between N10,500 and N11,000, when it recorded production increase from June.
“The scarcity of palm oil fruits has led to less production of oil thereby causing the increase in price of the commodity,” Aiyelabegan said.
According to Ganiyat Kolade, another seller of palm oil at Obbo road market, a 25-litre jerry-can in major markets in the metropolis goes for between N21,000 while in the villages where most of the oil is produced stands at N19,500.
However, Alimat Garuba, another palm oil dealer at Mandate market, expressed the hope that the price of the commodity will drop.
A buyer at Sawmill Market, Mrs. Abolore Ibrahim called on the government to invest more on agriculture and its value chain to save the citizens.
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