Legit.ng weekly price check: Traders lament poor sales following rise in pump price of fuel- Following the recent announcement on the increment in pump price of fuel, prices of goods in the market across the state also picked up - Findings by Legit.ng at a Lagos market showed the inflating price of goods occasioned by the fuel price increase - The traders lamented over the impact of the development so far on businesses and daily survival - Further checks revealed the recent cost price of rice per bag in the market Traders in popular Lagos market decry hike in the cost price of goods, following the increment in pump price of fuel. The wholesale depot price of fuel was offered at N113.70 while the retail price was set at N138.62 per litre. Meanwhile fuel marketers are expected to adjust to the new changes by selling at N145, as the price of petrol is still being sold at N143.80 per litre before the new changes takes effect. Read also Coronavirus: Traders reveal hike in cost of food items as Easter beckons The traders lament the high cost of transportation fares recently; according to them, carriage of goods to the different market location in the state has increase which reflects in the cost price of goods. Transporters available to carry foodstuff items have increase their fares and traders are already feeling the pulse of the recent change as against their budget. In some market, it is still business as usual and in other markets, the rise in transportation fare would bother on the existence of their businesses. This week, Legit.ng visited the market to check out the inflating price of goods occasioned by the fuel price increase and the recent cost price of rice per bag in the market. The sellers in a chat with our correspondent informed that this recent move by the government has affected their businesses to an extent, describing the situation as unbearable. A trader who sells food items noted that: “When there is rise in pump price of fuel, there would be increase in the cost of transportation; this would then affect the traders and buyers at large. The interesting thing is that, the cost of carriage of our goods would be greatly affected. This is double of the troubles we are faced with already due to the coronavirus pandemic. Read also Coronavirus: Engaging activities you can do to avoid boredom following the stay at home order “In some places, the transporters have added N100 to the transport fare and in other places, they added N200. Already, there’s increase in the cost of fares and for some traders who didn’t plan for this, they are frustrated. Now, the cost price of goods in the market has been affected. The load carriers too have added to their cost of carriage. We are greatly affected. We plead with the government to please consider our plight.” Another trader reacting to the increment in pump price of fuel told Legit.ng that the inflating price of goods has affected the supply chain now. “The inflating price of goods in the market lately is due to the coronavirus pandemic and the recent rise in price of fuel. This is affecting the purchasing power of buyers and our profit too. A 25-litre of groundnut-oil (refill) that is sold from N12,000 upwards before, now sells from N14,000 upwards and we don’t have branded oils as they are yet to be supplied. A bag of beans (oloyin) cost N18,000 before and now while a bag of beans (olotu) that is sold from N28,000 upwards, has risen to N31,000 upwards. Read also Interesting opportunities available on the NPower portal “There is a slight change in the cost price of garri; a bag that was sold from N11,500 before, now cost N13,000. But in some market, the cost price of garri is higher due to the recent hike in the cost of carriage and transportation fare. In fact, some retailers sell at a higher rate so as to make profit faster. For rice, the cost price of a bag of foreign rice is sold from N28,000 upwards and the local rice is sold from N23,000 and N24,000 upwards while the local rice that is not neat, is sold from N20,500 and N21,000 upwards. The cost price of rice is not influenced by the pump price of fuel or coronavirus pandemic rather, by the border closure and custom activities. “Sales have dropped in recent times and this is due to the inflating price of goods. We are not making good sales now because we pay more on transportation of goods, we pay more on the cost of purchase of our goods and we pay more on the carriage. We just hope things would change and not continue like this. Despite all this, we must commend the government; they are trying so well for the greater good of our land. We will continue to stay positive as we will surely overcome all the challenges we are faced with in the country,” The seller informed. Read also Top facts about the new minimum wage 2019: What does it mean for Nigerians? One thing that caught buyers and traders by surprise this period is the cost price of perishables like tomatoes and onion. They are still sold at an expensive rate weeks after Salah celebrations. A seller disclosed to Legit.ng the reason why tomatoes and onion are expensive and pepper affordable. He stated thus: “We all know what the pandemic has done to us as in the country and beyond but presently, insecurity in some parts of the country has affected the supply of some goods same with weather condition. Another factor why the perishables are really expensive is the hike in cost of transportation fare in recent times. It is not easy to scale through to the market here from neighbouring states where they are having security challenges; this is why goods like tomatoes are quite expensive because some drivers are scared of traveling to deliver goods in long distance. Read also All testimonies there are from hacked accounts - Nigerian man exposes fake online Kia Rio Splash promo “Now, you can get a basket of tomatoes fresh round-shaped ones from N10,000, N12,000 and N15,000 upwards as against its old price of N8,000 and a full basket of the watery ones are offered for sale from N7,000 upwards. While a bag of onion is still very expensive; a bag of onion is sold from N 35,000 and N38,000 upwards and some from N40,000 and the small bag from N25,000 upwards as against its old price of N18,000 below. But for pepper, it is sold at affordable prices and in the market; they are displayed in large quantities. “Farmers are facing a hard time already with some challenges in the country and they seek the support of government daily to carry out their activities so they can be able to work well. Buyers are not enjoying these present happenings with the price of goods in the market and it is reflecting on the profit margin of sellers. It is not easy for us all. Even the government is not finding it easy to manage the situation we are faced with but we are hopeful they will make amends and things would return back to normalcy in the country.” Read also MTN Beta Talk – Reasons why you should migrate to it With further ease of the lockdown by four weeks and the continuous fight against COVID-19 in the country, there are some transporters who derive joy in this latest development as informed by the traders not minding the hardship the masses are facing. A businesswoman, who came to purchase yam and plantain in wholesale prices to sell at retail prices, expressed discomfort over the recent fuel price. According to her, this is the season for transporters to exploit commuters and they will increase transportation fare without proper consideration. “Before now, transporters hike transportation fare due to the coronavirus pandemic measures and now, with the increment in the fuel price, they would double it. We are the ones who suffer most because the amount we pay as traders after purchasing goods that we will take to our shop in another location is different from what other commuters would pay; we suffer more than they do. “Presently, we are complaining of increment in the cost price of goods, now we would complain of the high cost of transportation fare. I came to purchase goods here in the market because they sell at wholesale price yet we spend more to purchase these goods and the sad thing is that we don’t make good profit from it at the end of the day. We are seriously, begging the government to please help us in any way they can so this burden would be lifted up from us as it is not easy for us. The government is working and we know it but we are suffering a lot; no sales, market is dry and things are getting tougher for us,” A buyer who is also a trader lament. With the fluctuating price of foodstuff items in the market, a seller explained to our correspondent how the increment in pump price of fuel influenced to a large extent most goods in the market and sales generally. “Most goods in the market have risen and this is due to the hike in pump price of fuel and coronavirus pandemic. In fact, they have risen since last week, we found out from our suppliers for goods that is to be supplied to us this week. Some of the goods we sell have become very expensive and others a bit affordable. “Crayfish is very expensive due to its seasonal factor and coronavirus pandemic. Ogbono is very expensive while the cost price of egusi reduced because of the new ones that would be available in the market soon. A bag of ogbono that was sold from N75,000 upwards has risen to over N100,000 now. A bag of egusi cost N47,000 now as against its old price of N55,000 and N65,000 upwards. “There is high rate of unemployment in the country now, as some people are being laid off due to the effect of the coronavirus pandemic on the economy. We are faced with the presence of few buyers who lament over a lot in the country. Some have lost their job, and the ones still working, their salaries have been slashed into two. “Also, some buyers do not have enough money to purchase goods in large quantity. These and many more are what we face daily in the market. So, sales are on a gradual level now. The purchasing power of buyers have reduced but we come out daily to keep our business intact and retain our loyal customers,” A foodstuff dealer revealed. The effect of the lockdown in the country continues to bother on the survival and sustainability of small and big businesses; as traders, who cannot meet-up with the demand of the new reality, get other forms of engagement in the market and others struggle to stand the test of time and keep their business running. INTERVIEW: Reopening churches and mosques hasn't changed anything in the market via Legit TV Source: Legit.ng - Following the recent announcement on the increment in pump price of fuel, prices of goods in the market across the state also picked up - Findings by Legit.ng at a Lagos market showed the inflating price of goods occasioned by the fuel price increase - The traders lamented over the impact of the development so far on businesses and daily survival - Further checks revealed the recent cost price of rice per bag in the market Legit.ng Legit.ng Legit.ng