Palm oil traders and consumers in Abakaliki have expressed worry over the persistent inflationary pressure threatening yet another price surge.

A survey by the News Agency of Nigeria (NAN) at the International Market and other trading outlets in Abakaliki showed that the price of a litre of oil increased to between N1, 800 and N 2, 000 as against N1,200 and N1,500 sold in April and May.

The survey report indicated that a 10-litre gallon of palm oil is sold between N28,000 and N30,000, while a 25-litre gallon is sold for between N58,000 and N60,000, compared with N50,000 and N55,000 sold in May.

Mr Greg Okpaga, a trader, described the price increase as an unstable price season of palm fruits following high demand.

“The price rise will continue because this is not the season of palm fruits,” Okpaga said.

Mr Felix Amani, a trader, said the current price of palm oil varied depending on the seed known as Urazi handmade, mill oil, and the quantity to be purchased.

Amani attributed the price increase to the off-season of the palm fruits.

“There is no steady price, and the increase is not our fault,” Amani said.

Meanwhile, Mrs Blessing Ede, a consumer, said palm fruits were at their peak season, which made oil available in spite of the price increase.

“This is the ideal time that traders buy in bulk directly from local markets to store for future profit.

“Harvesting continues year-round, but this peak period is when local mills are most active,” Ede said.