Some traders and buyers of palm oil at the Mile 12 Market, Lagos
State, on Friday decried the hike in the prices of the commodity.
They told the News Agency of Nigeria (NAN) in Lagos that the increment was due to the restriction placed of imported palm oil.
NAN reports that a 20-litre keg of palm oil now sells for N6, 500, as against the N6, 000 it attracted earlier in the year.
The check also indicated that the price per bottle had also increased from N200 to N250.
Mrs Tola Adewale, a palm oil trader at the market, said that buyers
were complaining about the price hike, occasioned by the scarcity of the
commodity.
Adewale, however, said that there would a be likely drop in the price
from next month when the market would be flooded with the commodity.
“This is not the season for mass production of palm oil. That is why our customers are feeling the effects of the scarcity now.
