Cooking oil wholesalers and retailers in the Ashanti region are frustrated over the sudden increase in prices of the commodity, lamenting its impacts on sales.
Prices of cooking oil have seen significant and unexpected surge with a record minimum 12% increase every three days.
The irregular and continuous surge is prompting concerns from both buyers and vendors at various market centres in the region.
The scarcity of the product, coupled with the prevailing economic difficulties, is attributable to the recent price hikes.
Fiifi, a wholesaler in Kumasi-Ashtown, explains the high exchange rates and recent shortages of the imported goods are compelling them to source the commodity locally.
“If there’s a shortage, we buy within the country and then add some extra cost to the price we pay so we can also make a profit from it,” he said.
The situation is impacting product sales as many buyers refuse to purchase at the new price.
“For example, if five people used to buy in a day, now it’s just two, and it’s really affecting the market,” Fiifi added.
Food vendors are equally struggling due to the hike in prices of oil on the market.
Hannah Addai Frimpong, a fried yam seller, expressed her frustration over how the increase in oil prices is negatively impacting her business.
“We used to buy the oil at a price of 650ghc, but from Monday, September 30th, until today, we now buy it at a price of 730ghc. Things are now unbearable for us and it’s deterring customers too,” she said.
Another trader, Attaa says they are serving consumers without breaking even.
“I buy oil for 760ghc and sell for 48ghc per bottle, making an 8ghc profit,” she stated.
However, she mentioned that the bottle to put the oil in costs 30ghc, so at the end of the day, there’s really no profit left for her,” she said.
Local oil producers are however bemoaning the low patronage of their products with a significant number of them on the brink of collapse.