NAN-HE-13
Palm-oil
Enugu, Feb 24, 2018. (NAN) Prices of palm oil have reduced considerably in some markets in Enugu State, the News Agency of Nigeria (NAN) reports.
NAN correspondents who conducted a survey in some markets in Enugu on Wednesday shows that the price of palm oil decreased by between 20 per cent and 30 per cent respectively.
A keg of 20 litres cost between N10,000 and N12,000 as against N15,000 and N18,000 sold during festive period.
A palm oil dealer at Afia Nine on Nkpokiti Rd, Enugu, Mrs Adachukwu Nwoye attributed the development to massive production of palm oil by farmers in rural areas.
“This is the season for palm fruits to harvest in large quantity, so the price of oil comes down now and goes up from May,” she said.
She said that the patronage had been massive but expressed dismay on the high rate of transport fares and series of levies.
“I buy it at the rate of N5,000 per half a keg of 10 litres and N8,000 for 20 litres at Eke Akpugo in Nkanu and resell at the rate of N7,000 and N12,000 due to high rate of transportation and dues.
“I pay N200 for ground fees as well as cost of barrows to take you to Motor Park and the transport fare which is high due to high cost of fuel.
“I do not make much profit from the keg but my profit comes mainly from retailing of the product in plastic bottles and cups,” she said.
Mrs Tina Nkume also known as `Iron Lady’ an oil dealer at Artisan Market said that she bought the product at Ugbawka also in Nkanu at N4,000 for 10 litre-keg and resell at N5,000 while the 20litres keg bought at N8,000 was resold for N10,000 respectively.
Nkume said she also sold one litre bottle of palm oil at N500, 1.5 litres at N750 and half a litre at between N250 and N300.
A cross-section of the dealers at Kenyetta Market, Uwani told NAN that they also bought the 10-litre-keg N5,000 and 20 litres at N10,000 from Orie Mba in Nkanu and resold at N5,500 and N10,500.
They said that the reduction in price was because it was the season for the product and attributed the price difference from the places they bought from and the specie of the palm fruit.
According to Maria Arum, we have a specie called `osukwu’ and it is the best but expensive while the one called `ogburugbu’ is also good but has less flesh. (NAN)
CEA/SAV/AIO/MNA
Edited by Maureen Atuonwu