There has been a sharp increment in the cost price of rice in recent days.
At a popular market in Lagos, Legit.ng discovered the cost price of rice increased by ten thousand naira as against its previous price of N35, 000 and N36,000 respectively.
This was not well received by the traders as some expressed shock and others expressed worry over the recent market trend which has affected their businesses to an extent.
Rice seller speaks hike in cost price as a bag sells for N45,000
At the market, a bag of rice now sells for N45,000 and a dealer at Ojota market, speaks on the real reason for the hike in the price of rice.
In a chat with Legit.ng, a trader revealed the present wholesale price and what led to the rise in its cost of purchase this week.
The trader identified simply as Alfa is a rice dealer and also offers groundnut oil and frozen foods at wholesale prices.
According to him, seasonal factors and rising demand led to the present hike in the cost price of rice in Lagos market.
The rice dealer affirmed thus:
“The rising cost price of rice is not a surprise to us traders as we have predicted it and would not be surprised if it lingers by December.
“The reason for the hike this period is because of the huge demand for rice and this is normal for all goods; when the demand is high, the suppliers tend to add to the cost of purchase and the trader adds other costs, to the cost price of the goods, making it very expensive.
“Another major reason they trade on now is the festive season. The suppliers and distributors has seen the festive season as a period to make more money, increase teh cost price of goods and even cut down the supply so as to make it look the goods are scarece. This is what we are going to be experiencing in recent weeks.
“The wholesale price of foriegn rice is that is sell cost N40,000 but some traders sell theirs; bag of foreign rice long grain for N45,000, bag of rice small grain for N37,000, local rice with sand for N29,000, local rice without sand cost 35,000.
“For groundnut-oil, 25-litre cost N20,000, palm oil , 25-litre cost N29,000. For bag of beans, bag of beans white cost N57,000, bag of beans brown cost N57,000 and bag of beans oloyin cost N38,000.
“The buyers should be prepared, as long as rice is going out of its season, the year is coming to an end and the demand is getting higher everyday, the cost price will not drop anytime soon.”