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Palm oil price hits record high
Apasare (E/R), Nov. 26, Ghanadot/GNA - The price of palm oil
hit a record high of 70,000 cedis per a gallon at the
Apasare Palm Oil Cottage factory, near Adawso in the Akuapem
North District at the weekend.
Madam Vida Amesi, Manager of the factory said the price was
the highest since she established the factory over ten years
ago.
She attributed the situation to the low harvest of oil palm
fruits this season, which had led to an increase in the cost
of oil palm fruits.
Madam Amesi explained that early this year, the factory sold
a gallon of palm oil at 25,000 cedis because she was buying
a bag of oil palm fruits at 50,000 cedis a bag but now the
same bag of oil palm fruits cost 280,000 cedis.
She said though there was assurance that the harvest of oil
palm fruits could improve by February next year, the price
of a gallon of palm oil was not likely to fall back to
25,000 cedis again.
This, she explained was as a result of the rising cost of
transportation of oil palm fruits from the Kwaebibirem
District where they normally bought them to the factory
premises at the Akuapem area.
Madam Amesi predicted that if the current supply of oil palm
fruits did not improve, there was the possibility of the
price of oil palm rising higher than the 70,000 cedis mark
per a gallon before the end of the year right at the factory
gate.
The Apasare Palm Oil Cottage is the main oil palm producing
enterprise along the Koforidua-Mamfi road and has been
producing large quantities of palm oil for local consumption
and for export, while also providing employment for large
number of women in and around Apasare.
GNA
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