Current Palm Oil Price In Nigeria (Where & When To Buy Cheap Palm Oil)

In Nigeria, palm oil is very popular, and its demand keeps going up because  numerous health benefits, and can be used in many recipes. Palm oil price in Nigeria can vary based on location, the time of year, and its quality.

In this post, we will provide an update on the current price of palm oil in Nigeria and where to buy it at a cheap price.

Also Read: Current Price of 50kg, 25kg, and 10kg Bags of Rice in Nigeria (April 2024)

Price Of Palm Oil In Nigeria Market Today (June 2024)

Before we talk about how much oil costs in Nigeria today, let’s look at how it is measured, as this will help us figure out how much each measurement costs.

Most of the time, palm oil is sold per litre, per gallon, per ton, or sometimes on a per kilogram basis.

At the Nigerian market right now, a litre of palm oil costs around 1,500 to 2,000 naira depending on the quantity, type of palm oil, and where you are buying from.

So, let’s look at the various measurements of palm oil and how much they cost in the next section.

What Is The Price Of 1 Litre Of Palm Oil In Nigeria Today?

One litre of oil will cost about N1,500 to N2,000, depending on the type of oil used and the place from which you buy it. If you are buying directly from the palm oil mill, expect a cheaper price than when purchasing from a retailer.

What Is The Price Of 4 Litres Of Palm Oil In Nigeria Today?

Four litres of palm oil cost between N6,000 to N7,500

What Is The Price Of 25 Litres Of Palm Oil In Nigeria Today

Twenty-five (25) litres of palm oil today cost between N28,000 to N30,000

What Is The Price Per Gallon Of Palm Oil In Nigeria Today?

1 gallon is equal to 3.78541 litres, so the price per gallon of palm oil in Nigeria today is between N4,500 and N5,500.

Palm Kernel Oil Price Per Kg In Nigeria

A kilogram of palm oil is almost the same as a litre of palm oil; a litre of palm oil is equal to 0.88 kg. so expect to pay anything from N1,500 to N1,800 per kg of palm oil.

What Is The Price Of 1 Ton Of Palm Oil?

A ton is equal to 1000 kg, and a liter of oil, which costs an average of N1,350 is equal to 0.88 kg.

So 1000 kilogram or 1 ton palm oil will weigh about 1,136 litres of palm oil and this will cost about N1,533,600.

Always keep in mind that the quantity of palm oil you are buying will equally affect the price you are paying, so when buying that much, expect a reduced cost compared to buying fewer liters of palm oil.

What Are The Factors That  Influence Palm Oil Prices In Nigeria

Several factors affect the price of palm oil in Nigeria. Let us look at some of them below:

Seasonality

Much palm oil is produced during the rainy season, which runs from April to October. When there is a greater supply of any product, prices are naturally lower, so during this period, palm oil prices are expected to be lower.

On the other hand, prices may increase during the dry season, which runs from November to March, when production is relatively low.

Location

Prices may change based on where you are located. When opposed to non-producing regions that are dependent on transportation and distribution, major palm oil-producing regions such as the South-South (Akwa Ibom, Cross River) typically have slightly lower prices.

Quality

Prices may change due to the level of processing that the palm oil has undergone. The cost of unrefined red palm oil, which is taken directly from the fruit, is typically lower than the price of refined palm oil, which is subjected to additional processing in order to get a more transparent hue and a more subdued flavor.

Quantity

Larger quantities typically result in lower prices per unit as compared to smaller amounts. Having said that, this does necessitate storage space, and it might not be appropriate for everyone.

Transportation costs

The cost of transporting palm oil from the oil mill to the market is another factor that will affect the price of palm oil; if the distance is too long, then the price at the market will naturally go up.

What Month Is Palm Oil Cheap In Nigeria?

Palm oil is generally cheaper during the rainy season months because of plenty of harvests, so you can buy palm oil at a more affordable rate between May and July because the supply will be high, which will force the prices down.

Another open window is between September and November when supply is also high.

Where Can I Buy Palm Oil In Bulk In Nigeria?

You can buy palm oil in bulk from the southeastern and southern states.

Some states that are rich in palm oil where you can get cheaper palm oil include Edo, Delta, Akwa Ibom, Cross River, Rivers Anambra, Ondo, Osun, and Imo state.

How To Know The Best Quality Palm Oil In Nigeria

Even while price is a significant factor, you should never sacrifice quality. Let us have a look at how to select high-quality palm oil.

Color:

Fresh palm oil should have a color that is either a bright orange or a reddish-orange coloring. Avoid palm oil that has a dull appearance or a color that is not natural.

Smell:

When it comes to smell, fresh palm oil has a lovely aroma that is slightly nutty. Stay away from it if it has a scent that is smokey or putrid.

Consistency:

 A good palm oil should have a consistency that is thick and slightly viscous. Any oil that is runny or has a gritty consistency should be avoided.

Processing Methods:

The best choice is virgin palm oil, which is made by pressing palm trees mechanically. It keeps most of the vitamins and nutrients it has. However, refined palm oil, which you can find in most grocery stores, has been processed further, which makes it less healthy.

Palm Oil Wholesale Price In Nigeria

When we talk about palm oil wholesale prices, we can mean one of two things: either buying straight from the palm oil mill at a fairly low price or buying from distributors at a relatively low price also but not as low as when purchasing from the oil mill.

Going to the oil mill to buy palm oil is always cheaper than buying from a distributor or dealer. However, you will need a lot of money to purchase directly from the mill because they have a minimum amount of palm oil they can sell.

When you go to the oil mill, you will also have to think about how much it will cost to transport the oil.

What you are buying, for example, 25 litres of palm oil from the oil mill, may cost you N18,000 to N20,000 compared to when purchasing from a distributor, which can cost between N20,000 to N22,000.

Palm oil consumption in Nigeria

With 197 million people (World Bank, 2018). Nigeria consumes more palm oil than any other African country.

During 2018, the country’s fats and oils consumption was over 3 million MT, according to PWC Nigeria, with palm oil making up 44.7% or 1.34 million MT. 

Meanwhile, output was 1.02 million MT, leading to a supply shortage of 0.32 million MT.

In the fiscal year 2022/2023, the amount of palm oil that was consumed in Nigeria was approximately 1.8 million metric tons.

According to a Punch News interview, Alphonsus Inyang, the National President of the National Palm Produce Association of Nigeria (NPPAN), said that Nigeria’s oil palm industry has the potential to contribute twenty billion dollars annually to the country’s Gross Domestic Product (GDP), in addition to the development of a significant number of jobs along the value chain through its production.

At one point in the early 1960s, Nigeria accounted for 43% of the world’s palm oil production.

With 74.08 million MT, it is the fifth-biggest producer worldwide. In 1966, the world’s major palm oil producers were Indonesia and Malaysia, not Nigeria.

Today, it accounts for less than 2% of total global market production.

Tips for Finding Cheap Palm Oil In Nigeria

• Take advantage of the season by planning when to buy palm oil. Expect palm oil prices to go down from May to November when the harvest is at its peak.
• If you live in a big production area, go straight to local palm oil mills or plantations. When you cut out the middleman, you can often get the best palm oil for a lot less money.
• Make friends with reputable local markets that sell palm oil. They can give you information about how prices change with the seasons and may even give you deals if you buy a lot.

Check out online markets. Sites like Konga and JIJI make it easy to compare prices from different sellers. Look for bundles and deals that can lower the total cost.

Think About Wholesale Options: If you have a lot of storage room and plan to use a lot of palm oil, you might want to join a buying group or a wholesale club.

When you buy in bulk with family or friends, you can save a lot of money.

How Do You Preserve Palm Oil For Longer Period?

To keep palm oil fresh for longer, you need to keep it away from things that can spoil it.

We all know that palm oil is beneficial for you, so it makes sense to learn how to store it properly if you are going to stock it in large quantities.

Most oils go bad after a while, but palm oil might last longer because it has a longer shelf life. Because it has a lot of fatty acids, Palm Oil doesn’t go bad as quickly as other oils. At room temperature,  palm oil will stay fresh for a long time.

Let’s take a look at some methods you can employ to keep your palm oil fresh for a long time.

Store in a Cool, Dark Place

To ensure that palm oil is not exposed to direct sunlight, it should be stored in a cool and dark location, such as a kitchen drawer or cupboard.

Palm oil is sensitive to light when exposed to light and heat. It can hasten the process of oxidation and deterioration.

Use Airtight Containers

Avoid exposing the palm oil to air as much as possible by transferring it from its original container to a clean, airtight one. Oxidation, which can result in rancidity, can be caused by oxygen. Glass jars with secure lids or canisters made of stainless steel work well. This keeps the oil from oxidizing and becoming bad due to air exposure.

Avoid Contamination

To avoid contamination, ensure that the containers and utensils that are used for storing palm oil are clean and dry.

Moisture and foreign particles can both encourage the growth of microorganisms and cause oil spoilage.

Keep Away from Strong Odors

Palm oil can absorb stronger scents from foods that are nearby. It is important to keep it away from things that smell offensive in order to preserve its original flavor and quality.

Rotate Your Stock Regularly

Make sure you clearly mark the purchase date on every container. Keeping track of the oil’s age in this way allows you to use older portions first.

For this reason, it is advisable to maintain track of the shelf lives of your palm oil by constantly rotating your stock and using the most recent batches first.

What Are The Alternative Cooking Oils?

Although palm oil is a staple in Nigerian cooking, other options could be better for you in terms of cost, dietary restrictions, or personal choice.

I have some suggestions:

Vegetable oil

Vegetable oil is a cheap, easily accessible, and flavorless substitute. Several cooking methods can be used with it.

Groundnut Oil:

The nutty flavor of groundnut oil makes it a popular ingredient in West African cuisine. But its smoke point is lower than that of palm oil.

Sunflower Oil:

Another alternative that works well in different recipes is sunflower oil, which has a neutral flavor.

Olive Oil:

While more expensive than other options, it imparts a unique Mediterranean flavor that pairs well with certain foods.

Choose a mild olive oil for cooking at high temperatures.

If you want to know which oil is ideal for you, consider your individual needs and tastes.

Try out a few different oils until you discover the one that suits your cooking style and budget.

Conclusion

By knowing the current palm oil price in Nigeria and how palm oil prices change over time and using these smart buying tips, you can make sure you always have this delicious food ingredient in your kitchen without spending a fortune.

Remember that you can enjoy the rich tastes and many uses that palm oil brings to your Nigerian kitchen as long as you put quality and price first.