BusinessKwara

Food Inflation: kwarans Groan as Palm Oil Price Skyrockets in major Markets

The price of Palm oil has continue to increase in major markets in Kwara State.

According to a report by LEADERSHIP, Palm oil sellers in various markets have increased the cost of their product by 20 per cent largely due to scarcity in Palm oil nuts.

According to Marketers in Ipata, Obbo Road and Mandate Markets in Ilorin, a five-litre keg of palm oil now goes for between N3, 500 and N4, 000 as against the hitherto price of N2,000.

Also, the price of a 70Cl bottle of palm oil is now N700 as against the previous price of N500.

One of the Palm oil Marketers at Ipata Market, Mrs Aiyelabegan confirmed that the price of palm oil, as at June was between N400 and N450 per 70cl bottle, but added that the same quantity now goes for N700.

“The scarcity of palm oil nuts has led to less production of oil thereby, causing increase in price of the commodity,” Aiyelabegan said.

According to Mrs Ganiyat Kolade, another palm oil seller at Obbo Market, a 25-litre jerry can of the commodity now goes for N21, 000 as against the old price of N18, 000.

She said the prices of the commodity would stabilise only when palm oil nuts are available in abundance.

The continuous increase in Palm oil and other food stuffs in the market has continue to impose untold hardship on Kwarans.

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