A survey conducted by the News Agency of Nigeria at major markets including Oba Market, New Benin Market and Uselu Market showed that the price of a litre of palm oil has fallen from between N1,500 and N1,600 to around N1,200 and N1,300 in many outlets.
While the reduction has brought slight relief to consumers, many residents insist that palm oil — a staple ingredient in numerous Nigerian homes — remains beyond the reach of several low-income families struggling with rising living costs.
Traders Cite Improved Supply as Major Factor
According to traders, the decline in prices is largely linked to increased supplies arriving from palm-producing communities across Nigeria’s South-South and South-East regions. Improved fuel availability has also helped reduce transportation expenses on some distribution routes, contributing to the temporary adjustment in prices.
At New Benin Market, trader Joy Fulani explained that customer patronage improved slightly following the reduction.
“Earlier, we sold a litre for N1,500 to N1,600. Now, it is between N1,200 and N1,300,” she said.
However, many traders warned that the market remains highly unstable.
Mr Ike Osinachi, a wholesaler, noted that palm oil prices in Nigeria often fluctuate depending on supply conditions.
“When supply improves, prices reduce, but once supply drops, everything increases again. There is still no stability,” he explained.
Transportation Costs Still Driving Food Inflation
Transporters and market operators also blamed fluctuating fuel prices for the continued rise in food costs nationwide.
Mr Peter Asen, a transporter, said diesel and petrol expenses continue to affect the movement of goods across the country, ultimately impacting market prices.
“Every additional transport expense eventually reflects directly in final market prices,” he stated.
The situation reflects broader economic concerns affecting households across Nigeria, where inflation and transportation challenges continue to push food prices upward despite occasional reductions in some commodities.
Residents Call for Long-Term Solutions
In response to the unstable pricing pattern, residents and market leaders have urged government authorities to focus on long-term measures capable of sustaining lower food prices.
They called for improved rural road infrastructure, increased investment in local palm production and policies aimed at stabilising fuel and transportation costs.
According to them, temporary market adjustments alone are not enough to ease the growing financial pressure facing ordinary Nigerians.
Many residents argue that unless broader economic reforms are implemented, households will continue to struggle with the rising cost of living despite periodic declines in commodity prices.