Traders Announces 95% Increases in Prices for Vegetable Oil

• The price of vegetable oil in the markets has been increasing, causing more headaches for Nigerian households this festive season
• A market survey revealed that traders are demanding 95% more to sell 25 litres of refillable vegetable oil
• Nigerian households rely heavily on vegetable oil to prepare their festive delicacies, especially jollof rice

Traders in Lagos have increased the price of vegetable oil, adding more economic pressures to Nigerian households during the festive season.

A recent market survey revealed that the cost of 25 litres of refillable vegetable oil, a staple for cooking, has surged from around N46,000 to N90,000, a 95% price increase.

The sharp price hike has left traders and consumers grappling with the impact on holiday celebrations, NAN reports.

Tolu Ajibade, a trader in Agege, attributed the rising prices to inflation and supply chain disruptions.

She said:

“Sales have been poor because many families cannot afford the current prices."

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The price hike has particularly hit small businesses that rely on vegetable oil for production. Lilian Agunbiade, a pastry chef in Iyana-Ipaja, lamented the effect on her profit margins.

Agunbiade added:

“Months ago, I bought 25 litres for N46,000. Now it’s N89,000 or more. It’s tough to keep my business running under these conditions."

Vegetable oil is a crucial ingredient for preparing festive dishes such as jollof rice, making the price hike a significant blow to Nigerian households.

Eshomameh Edet, a resident of Ketu-Ikosi, also reacted:

“The high cost of vegetable oil has taken a toll on how families celebrate this season.”

New vegetable prices

Despite the price increase, some traders have reported slight reductions in recent weeks.

Faith Erazua, a trader at Ile-epo Market, said the price of five litres dropped from N17,000 to N16,000 but accused some traders of hoarding stock to inflate prices during the yuletide.

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Legit.ng observed that many households have had to scale down their festive spending, opting for less expensive options.

Kosarachi Obiwuru, a housewife, told Legit.ng that she not only had to forgo travelling but also reduce the quantity of rice and ingredients used for cooking.

"Before the current economic situation, my husband and I regularly traveled to the South-East to celebrate with our families, but poor sales during the year and the high cost of living have made it difficult for us to save.

"Throughout the year, we have been living from hand to mouth, and now we just cook as we would on regular days instead of the usual elaborate spending and cooking."

Bag of rice reaches new high ahead of Christmas

Ealier, Legit.ng reported that the price of rice increased ahead of the Christmas celebration.

According to market surveys, the price of a 50kg bag of rice now ranges from N80,000 to N120,000, depending on the brand and location.

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A 50kg bag of Mama Gold rice, according to Stephen, a trader at Ojo Market, Lagos, now sells for N88,000, up from its previous price of N75,000.

Source: Legit.ng