Palm oil, a culinary cornerstone in Nigeria, transcends its role in the kitchen to become a versatile ingredient in various products. Beyond its significance in local cuisines, palm oil finds application in the production of candles, soaps, printing ink, drugs, and water treatment products. This blog post delves into the current market prices of 25 liters of palm oil in selected Nigerian markets, shedding light on its importance and the factors influencing its fluctuating prices.
25 Liters Palm Oil Prices in Nigeria:
To aid consumers in making informed purchases, we’ve conducted a market survey, presenting the current prices of 25 liters of palm oil in different markets, including Lagos State and other parts of the country. As of May 15, 2023, here are the prices in some notable markets:
- Mushin Market: N19,500
- Daleko Market: N17,500
- Aguda Market: N18,000
- Mile 2 Market: N18,000
- Abuja Market: N22,000
- Port Harcourt Market: N25,000
- Enugu Market: N20,000
- Oyo Market: N20,000
Factors Affecting Prices:
1. Location: Palm oil prices are influenced by the geographical location of the market. Proximity to production points results in lower prices, explaining the regional variations observed in Nigeria.
2. Seasons: The seasonality of palm tree fruit production significantly impacts prices. Harvesting, which occurs between February and August, leads to a dip in prices. Conversely, prices rise from September to January, with December experiencing the highest peaks.
3. Market Demand: While not the primary determinant, market demand plays a role in price fluctuations. Increased demand, especially during festive seasons like December, can contribute to higher prices.
Health Benefits of Palm Oil:
Derived from the fleshy fruits of palm trees, palm oil, when unrefined, is rich in nutrients. A tablespoon of palm oil contains:
- Calories: 120
- Fat: 14 Grams
- Saturated Fat: 7 Grams
- Monounsaturated Fat: 5 Grams
- Polyunsaturated Fat: 1 Gram
- Vitamin E: 14% Of The Daily Value (DV)
Key Health Benefits:
- Protects Brain Health:
- Rich in tocotrienols, a form of vitamin E with strong antioxidant properties, palm oil supports brain health by preventing brain lesions, slowing down dementia, and reducing stroke risk.
- Improves Heart Health:
- Palm oil positively influences heart health by increasing good cholesterol and decreasing bad cholesterol, contributing to overall cardiovascular well-being.
- High Vitamin A Content:
- A valuable source of carotenoids, palm oil helps combat vitamin A deficiencies, with supplementation observed to increase vitamin A levels in both adults and children.
Conclusion:
As a staple in Nigerian households and a versatile industrial ingredient, palm oil’s economic and nutritional significance is undeniable. Understanding the market dynamics and health benefits empowers consumers to make informed choices, whether in the kitchen or beyond. Stay updated on prices, consider seasonal variations, and embrace the healthful advantages of this essential commodity.