Prices of palm oil and vegetable oil have skyrocketed in major markets across the country, placing both commodities beyond the reach of many consumers.

A market survey conducted by newsmen  recently revealed that the prices of both cooking oil have risen by about 40 per cent compared to what they were priced some months ago.

At the Ogbete Main Market, Garki and Mayor markets a 5-litre keg of palm oil now sells for N2,450 as against N1,800 in the previous month.

A 70 Cl bottle now goes for N500 from N380 a few weeks back.

The survey also revealed that a 20-litre Jerry-can of palm oil is now selling between N14,000 and N15,000; as against N9,000 and N11,500 based on its processing pattern and grade.

Palm oil dealers, who spoke to newsmen at the various major markets, attributed the increase to an off-season of the palm fruits for the year.

Mrs Florence Abah a palm oil seller at Ogbete Main Market said that the price of oil as at September was between N350 and N400 per 70cl bottle, while 20-litre went for between N9,000 and N9,500.

Abah noted that scarcity of palm oil fruits had led to low productivity thereby, leading to a hike in the price of the commodity.

In the same vein, Miss Nonye Offor and Kafayat Salaudeen another seller of palm oil at Garki Market, said that a 25-litre Jerry-can in major markets in the metropolis goes for between N16,000 and N17,500.

According to a vegetable oil seller at Garki Market, Mr Romanus Uzo, he explained that the price of vegetable oil had increased significantly in all markets.

“We cannot actually say the reason for the increase in the price of vegetable oil, although almost every food item have increased in their prices.

“Some of our distributors said that bad road and increased transport fares are responsible for the increase,” Uzo said.

Also, Mrs Kate Mbonu, another vegetable oil seller at New Market said that 5 litres of Kings Vegetable Oil now goes for N4, 000 as against the previous price of N3, 400.

According to Mbonu, three litres of Power Vegetable Oil goes for N3,400 as against N2,800.

She added that the prices might further increase ahead of the Yuletide.