Nigerians Hopeful Of Lower Food Cost As Petrol Price Falls

Many Nigerians are hoping that the recent drop in petrol prices will bring down the cost of food items, especially as the festive season approaches.

The price of Premium Motor Spirit (petrol) fell by ₦36 per litre last week, raising hopes among consumers who have been struggling with rising prices of goods and services.

Since transport costs play a large role in the price of food, the reduction in petrol prices could mean lower transportation expenses for moving food from farms to markets. This, in turn, may lead to lower prices for staple items such as rice, beans, yams, and tomatoes. However, traders and consumers are still waiting to see if this reduction will result in a noticeable drop in food prices.

As markets remain busy in the lead-up to the holiday season, here are the current prices of some common food commodities this week:

Rice:

50kg Long Grain Bag of Rice – ₦95,000

Parexcellence Premium Parboiled Rice (half bag) – ₦85,000

My Choice Bag of Rice – ₦96,000

25kg Bag of Rice – ₦47,500

Beans:

Sweet Pure Butter Beans (50kg) – ₦160,000

Brown Beans (50kg) from Maiduguri – ₦90,000

A Rubber of Brown Beans – ₦7,500

Peeled Dried Honey Beans/Beans Flour – ₦15,000

Clean Hand Picked Oloyin Beans (50kg) ₦175,000

Soyabeans (Very Dried) – ₦130,000

Peleed Beans for Moi Moi (20kg) – ₦80,000

Neat and Picked Pure Oloyin Sweet Beans (2.5kg) – ₦8,500

Garri:

One Paint of Garri – ₦3,900

50kg Bag of Garri – ₦45,000

Garri (Garri Ijebu) – ₦70,000

100kg Bag of Garri – ₦100,000

Tomatoes:

Fresh Derica Tomatoes (Big Basket) – ₦180,000

Fresh Tomatoes Basket – ₦55,000

Royal Sun Plum Tomatoes (By 24 Cans) – ₦32,000

Spaghetti:

Golden Penny Spaghetti (500g × 20) Carton – ₦28,000

Palm Oil:

5-Litre Gallon – ₦7,500

25-Litre Gallon – ₦45,500

Onions:

One Bag – ₦180,000

Irish Potatoes:

One Basket – ₦75,000

Consumers are hopeful that with reduced transport costs, traders will pass on these savings and lower food prices, making the upcoming festive season more affordable.

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