Palm oil consumers and traders across Benin City, Edo State, have described recent price reductions as “a fragile relief”, warning unstable supplies, transportation expenses, and persistent inflationary pressures could trigger another increase.
A News Agency of Nigeria survey at Oba, New Benin, and Uselu markets showed litre prices recently declined from between N1,500 and N1,600 to approximately N1,200 and N1,300 across several trading outlets.
Despite the reduction, residents and traders maintained that palm oil remained expensive for numerous households, especially low-income earners, emphasising current price changes were insufficient to significantly ease worsening economic hardship.
Respondents attributed the temporary price reduction to increased supplies arriving from producing communities across the South-south and South-east, alongside improved fuel availability that slightly reduced transportation expenses on several distribution routes nationwide.
At New Benin Market, Joy Fulani, a trader, said that patronage improved slightly after reductions.
