I have started blaming myself for going into palm oil business this year, I bought at the rate of 8k per 25kg in May, thinking that the price will get higher and profitable by August to use the capital to execute a project but my dismay is that the price is still 9k per keg in my area(osun-state), even it was confirmed by the producers that sold them for me that we are still in boom season of oil whereby the price can still be dropped due to the fact that the fruits are still on top of the trees, while my palm oil have already changed taste in store.
I would have considered selling but I can't realize my money back because I bought empty keg for #700 each.
It wasn't like this in 2016 when I created interest in this business, in around August like this, the price was already 16k and it was even sold for 22k before the new season but this year reserve is the case.

ANALYSIS OF THE 100KEGS I BOUGHT:
palm oil #8,000×100=800,000;
empty keg #700×100=70,000;
Labour to destination #200×100=20,000
store rented for 6month is going to lapse in Nov #12,000.
Expenses in total = 902,000

The current price in market is #9000×100 = 900,000.

Pls agroprenuers/nairalanders, what's your take/advice on this. I need the money back for another project. Is there any hope of increase till September ending?

E

Oga,relax joorh, why you dy behave like woman like this!

Price will rice joorh, we bought and sold palm oil at 7,000-7,500 at June, the same Osun you claimed oil was sold at 9,000. We sold at 10,000-10,500 today.
Why being jittery and want to confuse ppl here joorh. Even in Lagos, oil is presently sold for 12,500.

Be careful o, don't cause heart attack here.

Best of Luck .

Palm oil man.

You guys are actually praying for prices of foodstuff to rise abi?

Smh

ukukaegbu:
You guys are actually praying for prices of foodstuff to rise abi?

Smh

I wonder o. Later they will say Nigeria is bad and our leaders are corrupt and heartless

ukukaegbu:
You guys are actually praying for prices of foodstuff to rise abi?

Smh

Foodstuffs prices are never stable. They naturally rise in scarcity and fall in surplus whether you pray or not.

Yekeenbola:
Oga,relax joorh, why you dy behave like woman like this!

Price will rice joorh, we bought and sold palm oil at 7,000-7,500 at June, the same Osun you claimed oil was sold at 9,000. We sold at 10,000-10,500 today.
Why being jittery and want to confuse ppl here joorh. Even in Lagos, oil is presently sold for 12,500.

Be careful o, don't cause heart attack here.

Best of Luck .

Palm oil man.

I know what I'm saying here, my location is at a town in obokun LG, your local is different. I'm here to seek for advice not distraction. A lot of projects in my pipeline.

sseunth:
I wonder o. Later they will say Nigeria is bad and our leaders are corrupt and heartless

So, what is your point?
To go into business is taboo again, abi.
Receive SENSE ijn.

Evil minded Nigerians, tomorrow you people will be calling buhari names, saying that he is this and that, when we are praying that the prices of palm oil should crash further to N4k, you people are praying it should go high, shame on you people. Nigeria must get their whether you people likes it or not.

The same lagos you said oil goes for 12500, land it there now and see the bargain for yourself.

Oil biz/price isn't always stable. Pls you guys should desist from storage/hoarding, it causes scarcity, make we dey fear God! However, if you know d oil is really good/odourless, u can contact me so we could discuss because am based in Kano
Amanozee@gmail.com

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How much is palm oil now?