Nigeria, Nov. 26 -- Due to a shortage of supply and growing industrial demand, palm oil prices have increased by 120 percent in just one year.

According to a market survey conducted by BusinessDay, the cost of a 5-liter keg of palm oil increased by 120 percent from N5,000 in November 2023 to N11,000 this month.

In a similar vein, the cost of a 10-liter keg of edible oil rose by 120 percent this month, from N10,000 in 2023 to N22,000.

As cosmetic companies, pharmaceutical companies, and other manufacturers use palm stearin, a byproduct of palm oil, instead of tallow (animal fat) to make soaps, lotions, and medications, the demand for palm oil has risen. According to industry participants, tallow is now pricey.

The National Palm Produce...