Business
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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