The latest household survey carried out by Nairametrics Research has shown a sudden spike in the prices of locally made palm oil. According to data gathered from various markets, a 25-litre gallon of palm oil which was initially sold for an average price of N8,825 is now being sold for N10,750. This means that the price of palm oil prices rose by 22%.
On the other hand, prices of tomatoes and melon have eased off in the past weeks. Specifically, the research team visited four major markets in Lagos State to gather the prices of essential household commodities, and the report shows that some items recorded a significant decline, while others slightly increased.
A decline in prices: According to the survey, there was a decline in household items such as Royal Stallion rice (50kg rice), Mama’s Pride local rice, Golden Penny noodles, Baskets of potatoes, Irish potatoes, groundnut oil (25 Litres), Plantain, Milo (Tin 900g), and round-shaped tomatoes.
- Tubers of potatoes recorded a significant decrease in price as a big basket of sweet potatoes is now being sold for N4,000, down from the initial N4,500 sold two weeks earlier.
- Also, the price of the biggest basket of Irish potatoes dropped from the initial N20,000 to N15,000, indicating a 25% decrease in price.
- A bunch of bananas, that was sold for an average price of N500 two weeks ago, is now sold for an average price of N463, though Oyingbo market still sells the commodity for N500; thereby maintaining its initial price.
The Prices of tomatoes are gradually easing, according to the latest market survey. A big basket of round tomatoes that was initially sold for N12,000 has again dropped by to N11,000, gradually inching towards its initial cost of N8,000 in the first week of May.
- A medium basket of round tomatoes is now sold for N6,500 as compared to N7,000 for which it was being sold in the first week of July.
- Also, a big basket of oval-shaped tomatoes is being sold for N6,000 while the small basket goes for N1,500.
The graph below shows the trend of the price of the commodity over the past three months as it looks likely to reduce further in the coming weeks.
Rise in other items: Apart from palm oil that recorded a big increase, other items which witnessed a slight increment within the past two weeks include, Basmati rice (5kg), Rice Master & Mama Gold rice (50kg), tubers of yam and cassava flakes (yellow garri). These are slight increases in prices.
The Special Market: Mile 12 market witnessed multitudes of customers converging, as onions were sold cheap. As explained by one of the sellers who chose to remain anonymous:
“When there is large inflow of the commodity into the market, people tend to come in large numbers as it is most likely to be sold for lesser price. However, if the quantity in the market is low, the price tends to increase.”
Data collected shows that a bag of onions was sold for N25,000 during the Ramadan period. However, a bag of onions is now sold for an average of N13,000 in Mile 12 market.
Special item: The price of Melon (Egusi) has fallen drastically in recent weeks. Recall that Nairametrics earlier reported the spike in the prices of melon. Meanwhile, sellers of the item expressed joy and relief as the commodity now sells for an average of N55,000 per bag, as compared to N100,000 for which it was being sold weeks ago. It was revealed that this has improved the sales of the commodity.
Major sellers were interviewed to ascertain the reason for the sudden rise in the price of local palm oil. However, most sellers of the product could not point to a specific factor; they however, called for the Government to intervene in the smooth transportation of goods in order to prevent further price increase.
This is not a good development as stakeholders in palm oil production have, in recent months, lamented the illegal importation of palm oil into the country. This may be partly responsible for the hike being witnessed.
About Nairametrics Food Price Survey: The Nairametrics’ Food Price Watch is a bi-weekly household market survey that covers prices of major food items, with emphasis laid on four (4) major markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.
|Items||Brand||Unit||MUSHIN (18/7/2019)||DALEKO (18/7/2019)||OYINGBO (18/7/2019)||MILE 12 (18/7/2019)||Average||MUSHIN (04/7/2019)||DALEKO (04/7/2019)||OYINGBO (04/7/2019)||MILE 12 (04/7/2019)||Average|
|Bag of Rice||Basmati||5kg||5500||5000||5500||5500||5375||5500||5000||5500||5000||5250|
|Bag of Rice||Mama Gold||10kg||3400||2800||3500||3200||3225||3400||2800||3500||3200||3225|
|Bag of Rice||Royal Stallion||50Kg||15000||14000||15000||15000||14750||14000||15000||15500||14833.333333333|
|Bag of Rice||Rice Master||10kg||2800||3000||3000||2933.3333333333||2800||3000||2900|
|Bag of Rice||Mama Gold||50kg||15000||14500||15000||15000||14875||14000||15000||15500||14833.333333333|
|Bag of Rice||Caprice||50kg||15000||14500||15000||15000||14875||15000||14000||15000||15500||14875|
|Bag of Rice||Mama's Pride||50kg||15000||15500||15500||15333.333333333||15500||15500||16000||15500||15625|
|Bag of Rice||Falcon||25kg||6800||6500||6800||6800||6725||6800||6500||6800||6800||6725|
|Bag of Beans||Oloyin||50kg||16000||13500||16000||15000||15125||16000||13500||16000||15000||15125|
|Bag of Beans||White||50kg||26000||25000||25000||25333.333333333||14000||13500||15000||15000||14375|
|Bag of Beans||Brown||50kg||14000||12000||14500||14000||13625||14000||12000||14500||14000||13625|
|Tuber of Yam||Abuja||1 Big Size Tuber||1600||1400||1500||1100||1200||800||1033.3333333333|
|Tuber of Yam||Abuja||1 Medium Size Tuber||900||850||900||800||862.5||800||850||550||733.33333333333|
|Carton of Noodles||Indomie||305g (Belle full)||2900||2900||2900||2900||2900||2900||2900||2900||2900||2900|
|Carton of Noodles||Indomie||200g (Hungry man)||3200||3200||3200||3200||3200||3200||3200||3200||3200||3200|
|Carton of Noodles||Chikki||100g||2000||2200||2100||2100||2100||2000||2200||2100||2100||2100|
|Carton of Noodles||Minimie||70g||1500||1500||1500||1500||1500||1500||1500||1500||1500||1500|
|Carton of Noodles||Golden Penny||70g||1400||1400||1400||1400||1400||1400||1400||1400||1450||1412.5|
|Bag of Garri||Ijebu||80kg||7500||7000||7200||7000||7175||7500||7000||7200||7000||7175|
|Bag of Garri||White||50kg||5000||4500||5000||5000||4875||5000||4500||5000||5000||4875|
|Bag of Garri||Yellow||50kg||6000||6000||6000||6000||6000||6000||5500||6000||6000||5875|
|Basket of Potato||Sweet||Big Basket||4000||4000||4500||4500|
|Basket of Potato||Sweet||Small Basket||600||600||700||700|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||15000||15000||20000||20000|
|Basket of Potato||Irish||Medium Basket||2000||2000||2500||2500|
|Basket of Potato||Irish||Small Basket||1300||1300||1500||1500|
|Packet of Pasta||Golden Penny||500g||3300||3400||3400||3400||3375||3300||3400||3400||3400||3375|
|Packet of Pasta||Dangote||500g||3500||3500||3400||3400||3450||3500||3400||3500||3400||3450|
|Packet of Pasta||Power||500g||180||200||180||200||190||180||200||180||200||190|
|Packet of Pasta||Bonita||500g||200||200||200||200||200||200||200||200||200||200|
|Gallon of Palm Oil||Local||5 Litres||2000||2000||2000||2000||2000||1800||1500||1800||1500||1650|
|Gallon of Palm Oil||Local||25 Litres||11000||10500||11000||10500||10750||9000||8800||9000||8500||8825|
|Gallon of Vegetable Oil||Local||5 Litres||2000||2000||2000||1800||1950||2000||2000||2000||1800||1950|
|Gallon of Vegetable Oil||Local||25 Litres||10000||9500||10000||9500||9750||10000||10000||10000||9500||9875|
|Gallon of Vegetable Oil||Kings||5 Litres||3000||3000||3000||3000||3000||3000||3000||3000||3000||3000|
|Gallon of Vegetable Oil||Wesson||5 Litres||3900||3900||3900||3900||3900||3900||3900||3900||3900||3900|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2500||2450||2500||2400||2462.5||2500||2450||2500||2400||2462.5|
|Gallon of Vegetable Oil||Power||3 Litres||1800||1800||1800||1800||1800||1800||1800||1800||1800||1800|
|Bunch of Plaintain||Plaintain||1 Big Bunch||450||450||500||450||462.5||500||450||500||550||500|
|Bag of Flour||Dangote||50kg||10800||10500||11000||11000||10825||10800||10500||11000||11000||10825|
|Bag of Flour||Honey well||50Kg||11500||11000||11000||11166.666666667||11500||11000||11000||11166.666666667|
|Bag of Flour||Mama Gold||50kg||11500||11300||11000||11000||11200||11500||11300||11000||11000||11200|
|Bag of Sugar||Dangote||50kg||3500||3200||3400||3200||3325||3500||3200||3400||3200||3325|
|Milk||Peak Powdered (Tin)||400g||1250||1200||1200||1200||1212.5||1250||1200||1200||1200||1212.5|
|Milk||Peak milk (Refill)||500g||1050||1000||1000||1000||1012.5||1050||1000||1000||1000||1012.5|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||950||1000||1000||987.5|
|Milk||Loya Powdered (Tin)||400g||1000||1000||1000||1050||1012.5||1000||1000||1050||1000||1012.5|
|Cocoa Beverages||Milo (Tin)||500g||1000||1100||1100||1000||1050||1000||1100||1100||1000||1050|
|Cocoa Beverages||Milo (Tin)||900g||2000||2100||2100||2066.6666666667||2100||2100||2100|
|Cocoa Beverages||Milo Refill||500g||900||900||900||900||900||900||900||900||850||887.5|
|Cocoa Beverages||Bournvita Refill||500g||950||900||950||900||925||950||900||950||900||925|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||800||800||850||850||825||800||800||850||850||825|
|Tea||Lipton Yellow label||52g||310||290||300||300||300||300||280||300||300||295|
|Sugar||St' Loius Sugar(Cube)||500g||400||380||400||450||407.5||400||380||400||450||407.5|
|Sugar||Golden Penny Sugar (cube)||500g||350||300||350||300||325||350||300||350||300||325|
|Bottled Water (Refill)||Cway||Refill||600||600||650||600||612.5||600||600||650||600||612.5|
|Juice||5 Alive||1 litre||600||550||550||600||575|
|Tomatoes||Big Basket||round shaped||11000||11000||12000||12000|
|Medium Basket||round shaped||6500||6500||7000||7000|
|Small Basket||round shaped||3500||3500||4000||4000|
|Big Basket||Oval Shaped||6000||6000|
|Small Basket||Oval Shaped||1500||1500|
|Fish||Kote (Horse Mackerel)||1 kg||500||450||450||400||450||450||450||400||400||425|
|Fish||Titus (Mackerel)||1 kg||450||500||450||450||462.5||400||450||400||400||412.5|
Arvind Pathak, Deputy GMD of Dangote Cement resigns
The Deputy Group Managing Director of Dangote Cement has resigned his role on the Board of the company.
Dangote Cement Plc has announced the resignation of its Deputy Group Managing Director, Arvind Pathak.
In line with the disclosure issued by the company, the Board of Directors of Dangote Cement after accepting Pathak’s request disclosed that his resignation will take effect from the 25th of February 2021.
The Board of Dangote Cement appreciates him for his commitment and contributions to the Board, and also wishes him well in his future endeavours.
What you should know
- Pathak was appointed to the Board of Dangote Cement Plc on October 29, 2019, as Deputy Group Managing Director.
- Prior to his appointment as Deputy GMD, he was the Chief Operating Officer of Dangote Cement, a position he held between 2018 and 2019.
- Prior to joining DCP, he has worked in various leadership roles in the cement industry, he has 30 years of experience in the cement industry.
Africa Prudential announces appointment of Zubaida Rasheed as Director
Zubaida Rasheed has been appointed as an Independent Non-Executive Director by Africa Prudential Plc.
The Board of Africa Prudential Plc has ratified the appointment of Mrs. Zubaida Mahey Rasheed as an Independent Non-Executive Director, effective February 24, 2021, subject to regulatory approval from the Securities and Exchange Commission.
This is according to a notification signed by the Company’s secretary, Joseph Jibunoh, and made available to the Nigerian Stock Exchange.
Given her profile and wealth of experience, the Board strongly believes that the appointment will strengthen the company by consolidating its digital transformation drive and ensuring its smooth transition from its core registrar business to providing digital solutions and technological services.
About Zubaida Mahey Rasheed
Mrs. Zubaida is a distinguished technocrat with over forty years’ experience in the public and private sectors. A sizeable number of the aforementioned years were spent in NITEL Plc, where she served for 23 years, rising to the position of Executive Director.
Mrs. Zubaida is currently the Deputy Coordinator of Technical Working Group (TWG) for the preparation of Medium-Term National Development Plan (MTNDP) 2021-2025 & Nigeria Agenda 2050 (Business Environment, Trade, Competitiveness, and Product Space Mapping).
She is an alumna of Ahmadu Bello University (ABU), having obtained a BSC degree in Economics in the aforementioned institution. She holds professional membership in the Nigerian Institute of Management and National Institute of Marketing, Nigeria.
What you should know
- Africa Prudential Plc had earlier declared a dividend of 50 kobo each, totaling N1 billion for its shareholders.
- Africa Prudential Plc formerly known as UBA Registrars Ltd was incorporated as a private limited liability company on 23rd March 2006 to take over the registrar services formally operated as a department by its former parent – UBA Global Market Limited.
- The company was listed on the Nigerian Stock Exchange on the 17th of January, 2013. It currently manages over 80 corporate clients in both the public and private sectors.
Nairametrics | Company Earnings
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]
- Mutual Benefits Assurance Plc boosts post tax profits by 25.9%
Mutual Benefits Assurance Plc released […]
- 2020 FY Results: Prestige Assurance Plc reports a 50.44% increase in profit.
Prestige Assurance Plc released its […]
- John Holt falls deeper into losses
John Holt Plc released its […]
- Sales volumes crash for Northern Nigeria Flour Mills Plc
Northern Nigeria Flour Mills Plc […]