Nigerians Hopeful That Petrol Price Reduction Will Lower Food Costs as Festive Season Approaches
As the festive season draws near, Nigerians are cautiously optimistic that the recent drop in petrol prices will help bring down the cost of foodstuffs, which have been rising steadily in recent months. The price of Premium Motor Spirit (PMS), commonly referred to as petrol, fell by ₦36 per litre in the past week, providing a welcome relief to consumers struggling with the ongoing increase in the cost of living.
Petrol prices have a direct influence on transportation costs, which make up a significant portion of the overall expenses involved in transporting goods, particularly food items, from farms to urban markets. With the reduction in petrol prices, there is hope that this will lead to lower logistics costs, and ultimately, cheaper food prices for consumers.
The reduction in petrol prices has sparked optimism among many Nigerians, who are hopeful that traders will pass on the benefits of cheaper transport to consumers by lowering prices on essential food items. As market activity intensifies ahead of the festive season, many are eagerly awaiting whether this shift in petrol prices will be reflected in the prices of staple food items such as rice, beans, yam, tomatoes, and other essentials.
Current Prices of Major Food Commodities:
Rice:
- Vitally 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
- Chad Sweet Brown Beans (50kg) – ₦90,000
- Soyabeans (Very Dried) – ₦130,000
- Peeled 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
- Bag of Garri (50kg) – ₦45,000
- 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 (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
Despite the reduction in petrol prices, it remains to be seen whether these savings will be passed on to consumers in the form of lower food prices. Many traders are still holding their breath, waiting to gauge how much the lower transport costs will affect overall market prices.
In addition to the cost of fuel, other factors such as supply chain issues, weather conditions, and seasonal demands also influence the cost of food. While the drop in petrol prices is a positive development, the extent to which it will affect food prices remains uncertain. As markets remain busy ahead of the festive period, both traders and consumers are closely monitoring the situation, hopeful that this reduction in petrol prices will help make food more affordable for all.
