Industries’ thirst for palm oil sees prices surge by 120%

The price of palm oil has jumped by 120 percent in one year due to rising industrial demand and low supply. In a market survey, BusinessDay found that the price of a 5-litre keg of palm oil rose to N11, 000 this month from N5,000 obtained in November 2023, indicating a 120 percent increase over the period. Similarly, the price of a 10-litre keg of edible oil increased to N22, 000 this month from N10,000 reported at the same time in 2023, signifying a 120 percent price jump. Demand for palm oil has doubled as cosmetic firms, pharmaceuti