Vegetable Oil: Cost of Palm oil per Litre in Nigeria (2024)

Over the years, the demand, supply and usage of Vegetable oil in Nigeria, Malaysia, Indonesia and other countries is increasing. These oils are Vegetable fats from plant seeds and other juicy parts of fruits which are processed, extracted and packaged mainly for human consumption and for industrial purposes. The name for each oil usually comes from the plant that give rise to it; we have some of them like Palm, Olive, Sunflower, Canola, Groundnut, Coconut, Palm-kernel and others.

Considering the recent hike in food stuffs in Nigeria, the price of these edible vegetable oils have hit markets with inflated prices, thereby leaving most buyers, sellers, retailers and wholesalers with no choice than to bear the high cost or even transferring it completely to end users. The different prices of Palm oil and other Vegetable oils has been ridiculously unpredictable lately. Normally, during dry seasons for example, the price of palm oil is always on the rise, but falls during rainy seasons. But this year, the reverse is the case. It didn’t fall during rainy season and instead it has always been on the rise.

In Nigeria, the most popular of them all is the oil from Palm fruits (Elaeis guineensis) called Palm oil which are usually packaged in 5 litres, 10 litres, 20 litres or 25 litres or more; the more reason why we are going to give this Red oil more attention in this discussion.

What is Palm Oil?

Palm oil is an edible vegetable oil which is the resulting end product of processed Mesocarp of oil palm. Palm oil is very useful, not only in Nigeria but the world at large. After processing and extracting the oil from palm fruits, wastes such as Palm fruit fibre and Palm kernel have their own economic benefits too. Palm Kernel for instance is processed into palm kernel oil and palm Kernel Cake (PKC). Both Palm Kernel and Palm fruit fibre are very useful in heat generation. The price of a ton of palm Kernel in Nigeria today is about 250,000 Naira.

The difference between sunflower oil and palm oil is that Palm oil contains sufficient vitamin K while Sunflower oil contains sufficient quantity of vitamin E. While the similarity is that both are saturated with fat contents. But sunflower oil is more expensive than Red oil and it’s also recommended more than palm oil for healthy living. Currently the best vegetable oil is Olive oil. This is because Olive predominantly contains monounsaturated fat called oleic acid which reduces inflammation and may gainfully influence genes associated with cancer.

Price List of Vegetable oils in Nigeria 2024

The cost of these oils in Nigeria vary with location. For example, the price of palm oil in Lagos is quite different from the price of palm oil in Abuja. In Lagos the current price of 25 litres of palm oil as at 2024 is ₦25,000 while in Abuja the price is ₦24,000 naira.

Wholesale price of Palm oil in Nigeria

The average price of palm oil in Nigeria today is ₦23,000 Naira for 25 litres.

Red oil prices are very high in the Northern part of Nigeria than in the Southern parts. The cheapest place to buy palm oil today are markets in the South, especially those in Eastern Nigeria. Just like those in Ondo and some other Western Sates, South East and South South oils are original and mixed with nothing else. In other words, it’s 100% pure Palm oil, as we have seen in Imo State where the price of Red oil is is ₦20,000 naira. Nevertheless, below is a list of available Vegetable oils in Nigeria.

 

Vegetable oil	1 litre	5 litres
Palm oil	₦850	₦6,000
Sunflower oil	₦1,200	₦6,000
Groundnut oil	₦1,000	₦5,000
Coconut oil	₦5,000	₦25,000
Olive oil	₦3,500	₦17,500
Canola oil	₦1,300	₦6,000
Palm-Kernel oil	₦4,000	₦16,000
Virgin Coconut oil	₦5,250	₦26,100
Pure Groundnut oil	₦1,500	₦7,500

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Vegetable oil	10 litres	25 litres
Palm oil	₦11,000	₦25,000
Sunflower oil	₦12,000	₦30,000
Groundnut oil	₦10,000	₦25,000
Coconut oil	₦50,000	₦125,000
Olive oil	₦35,000	₦87,5000
Canola oil	₦12,000	₦3,000
Palm-Kernel oil	₦32,000	₦100,000
Virgin Coconut oil	₦52,200	₦130,300
Pure Groundnut oil	₦15,000	₦37,000

The prices you see in the table above is the updated price for the month of 30th December 2024

Palm oil Exportation across the World

Palm oil as we all know is extracted from a cash crop that has both import and export value, either from Indonesia, Malaysia or Nigeria to places like America and other countries where it’s legal. For that purpose, we recommend MU-IMMACULATE AGRO SUPPLIERS with registration number BN 3233263 for the exportation of original (pure) red palm oil from the eastern Nigeria. The company’s official email is [email protected]

Uses of Palm oil in Nigeria

Palm oil can be used in many things. Below are some of its famous applications

• It’s used in cooking foods. It’s also a very great choice for deep frying of fish, meat, plantain etc.
• It’s used in the manufacturing food products
• Palm oil is used as Biofuel
• It’s used in manufacturing of beauty products (cosmetics, creams, lotions, soaps etc)

Red oil accounts for more than 33% of global oils produced between 2014 and 2021.

The Red oil is filled with fatty contents which can be detrimental to our cardiovascular well being especially when consumed in excessive quantities. But when taken reasonably, or as  part of balanced diet, it doesn’t pose health threats and doesn’t increase our body’s cholesterol intake level. So there is no need to avoid palm oil since it’s a very good vegetable oil used in many Kitchens by so many Cooks.

The usefulness of palm oil cut across almost all works of life as the cultivation of palm trees increase on daily basis. However, due to increase in palm trees cultivation, experts have found out that oil palm cultivation has contributed majorly to the deforestation of some of the world’s most Biodiverse forests, this is exactly the same reason plantation of palm trees was banned in Europe. The proponents argue that Palm trees are harmful to the environment because of its contribution in deforestation of some of the world’s Biodiverse forests.

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Originally posted 2022-11-20 20:56:03.