The average price for a gallon of palm oil currently stands at L$ 485, up 26 percent compared to a year ago but stable compared to the past one month with price differentials reported across the markets. Palm oil prices are reportedly higher compared to a year ago in Saclepea (47 percent), Ganta (38 percent), Gbarma (33 percent), Zwedru (31 percent) and Pleebo (30 percent) markets (see Figure). Palm oil traders interviewed during market visits attributed the price increase to the prevailing exchange rate— depreciating Liberian Dollar against the US Dollar as well as the increase in transportation costs which is mostly due to the poor condition of farm to market roads. Important to note is the huge domestic demand in addition to regular cross‐border flows to neighboring Guinea and Sierra Leone. According to traders interviewed in Foya market, approximately 11,340 liters of palm oil or more is sold to traders from Guinea on market days. Similarly, about 90,000 liters of palm oil cross over from Ganta market in Nimba County into neighboring Guinea.
Price of palm oil in most markets recorded stable to lower prices in comparison to the past one month. Palm oil prices may remain stable into October and November but could increase at the end of this year due to limited supply as the new oil palm season starts.
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