Amidst soaring price of foodstuffs and other consumables, the price of palm oil surprisingly, has come crashing down, compared to what it was two months ago.
The price of palm oil in major markets across the country, indicates that a 5-litre keg is now sold for N3,600 as against N5,000 two months ago.
The survey also shows that a 20-litre Jerry can of palm oil is sold for between N13,000 and N14,500 as against N21,500 and N23,000 in last two months.
A 25-litre jerry can in major markets is equally sold between N15,500 and N17,000 as compared to N26,000 and N28,000 last month.
However, palm oil dealers attributed the reduction in price of the product to the gradual commencement of the palm fruit season.
Mrs Ify Ochulugha, a palm oil seller at Top Land Market, expressed hope that the price of the commodity would be further reduced as its abundant harvest season gets closer.
“I am hopeful that the price of palm oil will still come down further because, during its mass harvesting season, many producers will be committed to its production this year,” Ochulugha said.
A buyer at Mayor Market, Miss Esther Chibueze, said that the price was becoming affordable when compared to what it was two months ago.
“Buying a 70 cl bottle of palm oil for N500 now shows that many families can afford it”, she added.