Traders and consumers of vegetable oil in Lagos have lamented price variations during Christmas. The traders stated their views in separate interviews on Wednesday.

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

A vegetable oil trader in the Agege area, Tolu Ajibade, said she witnessed low patronage this year compared to previous years due to the hike in the price of the produce.

Eshomameh Edet, a resident in the Ketu-Ikosi area, said the rising price of vegetable oil has affected the yuletide celebration for many residents.

A pastry chef and resident in the Iyana-Ipaja area, 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 quantities, as much as 25 litres. Months back, I bought 25 litres of refillable vegetable oil for between N46,000 and N50,000, but now that same quantity sells for between N89,000 and N90,000.

“The sealed  25 litres of 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,” Ms Agunbiade said.

Another vegetable oil trader at the Ile-epo market in the Alimosho area, 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.

“Two weeks ago, we sold five litres of vegetable oil for as high as N17,000, but now we sell it at N16,000 for the same quantity. Some traders sell at N20,000 or N18,000 because they bought the produce and hid it when it was a bit expensive,” Ms Erazua said.

In corroboration, Gloria Eghogho, who resides in Ojo, said, “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.”

(NAN)