Yuletide: Consumers lament soaring vegetable oil cost in Lagos

Some traders and consumers of vegetable oil in Lagos State have lamented the price variations of the produce at the Yuletide.

The traders aired their views in separate interviews with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

Their complaints varied from low purchasing power of the consumers to the inconsistencies in the price of the produce and its impacts on this year’s Yuletide celebration.

A vegetable oil trader at Agege area of the state, Mrs Tolu Ajibade, said that she has witnessed low patronage this Yuletide compared to previous years due to hike in the price of the produce.

“I have to sell the produce the way I bought to gather a little profit from the sales.

“Five litres of vegetable oil sells at N20,000 and unlike past Christmas celebrations, the purchasing power is quite low.

“We have experienced low patronage this yuletide, customers just buy the quantity they can afford.
“It is the economy that is affecting the demand and sales of the produce,” Ajibade said.

On her part, Mrs Eshomameh Edet, a resident at Ketu-Ikosi area of the state, said the rising price of the produce has affected the yuletide celebration for many residents.

“Vegetable oil is really expensive, but we have no choice but to buy it they way we see it.

“Two weeks ago, I bought a five litres can of vegetable oil at N18,000 and a few days ago I bought the same quantity for N20,500.

“I wonder how people that cannot afford these expenses will celebrate this Christmas,” Edet said.

A pastry chef and resident at Iyana-Ipaja area of the state, Mrs Lilian Agunbiade, said the rising price of the produce has affected the profit margin of her business.

“The rising cost of vegetable oil is really affecting the profit margin of my business.

“I buy in large quantity, as much as 25 litres. Months back I bought 25 litres refillable vegetable between N46,000 and N50,000 but now that same quantity sells between N89,000 and N90,000.

“The sealed 25 litres vegetable oil currently sells between N107,000 and N110,000. The economy is biting hard.

“We will celebrate the yuletide with what we have available,” Agunbiade said.

Another vegetable oil trader at Ile-epo market in Alimosho area of the state, Mrs Faith Erazua, said the price of the produce has actually dropped.

While she blamed the reason for the hike of the produce on greedy traders who hoard the produce to sell at a higher profit margin during yuletide.

“The price of vegetable oil actually dropped a bit this yuletide, however small the drop , it still amounts for something.

“Two weeks ago, we sold five litres of vegetable oil for as high as N17,000 but now we sell at N16,000 for the same quantity.

“Some traders sell at N20,000 or N18,000 because they bought the produce and hoard it when it was a bit expensive.

“They assumed there will be an increment during Yuletide, but we are also glad there is a drop in the price.

“Those who sell expensive now are those who bought the produce weeks ago and hoarded it for Christmas sales,” Erazua said.

In corroboration, Mrs. Gloria Eghogho, a resident of the Ojo area of the state, said that there has been a slight drop in the price of the produce.

“Weeks ago, I bought a five-litre can of vegetable oil at N20,000, but over the weekend I bought the same quantity at N18,000.

“Though still high, there has been a slight drop in the price of the produce. We hope the price will further drop in the coming year,” Eghogho said.