Being a trader who trades in petty goods, I have been so brave in acting fast in my business. In Nigeria here, when things rise, they hardly drop in price except in rare cases. I also buy palm oil in kegs—to be specific, 25 liters per keg. There is a season where palm oil always goes higher in price and a season where the price drops drastically just because of the excessive flow in numbers.
I'm used to buying either two or three kegs of palm oil, but this time a dealer came around and said, "The palm oil price is not going higher but instead dropping." Normally, that was the season where it had to go higher in price. I was contemplating whether to buy or let go of it. My friend, who we both trade on the same items, came around and said she was going to buy palm oil. I told her that the price would not go higher according to the dealer, but she insisted, as she doesn't want to be a victim when it goes on the high side. Adamantly, she went and came back after two hours with six 25-liter kegs of palm oil. I was laughing at her. I went to the market to price 25 liters of palm oil, and to my surprise, it has gone down even more than the amount my friend used to buy hers. Immediately I had to call her and tell her that the price had come down seriously. She was lamenting, but then she was unable to return what she had bought, as the dealer would not take them back, nor would she give her some money as to the reduction. She decided to let go and kept the kegs of palm oils safely waiting for the rainy days.
I only bought a keg waiting for the day it would drop more than its initial price before buying in bulk. Three weeks later, I went to the market to buy another one, as the one I bought had run out. It was less than before. I told my friend who had bought enough about how the price was going down, but then she said to me, "I will just manage what I have bought." I was laughing at her for buying the palm oil at that period, while she was lamenting.
Two weeks later, my friend came to visit me in my shop with a lot of happiness on her face. I kept wondering what would be the reason for smiling or being happy. I decided to ask her directly, "Why are you in a happy mood?" She did not wait an inch before replying, "God has done it for me." I was so anxious about hearing the news or to know the reason behind her happiness: "Speak up and let my mind be at rest, my friend.".
She said news reaching her says the price of palm oil had gone twice the amount she used to buy hers. I was not so sure of her words, but then she is not the type who tells lies. I had to call that same dealer to confirm the new price, but to my surprise, it has flown so higher than expected. Now, it's my friend's turn to laugh back at me. I was mad for not buying when it was still less. I waited until the day it would drop to the last level, not knowing that what I had ignored would be a blessing in the long run. Now, I bought at a higher price, which was twice the initial price. After that day, it was still going higher in price without dropping.
Two weeks later, the price of rice went down, and I had to summon the courage to buy in bulk just so as not to miss out, just like the palm oil issue. I bought it and also called my friend to buy it to beat up the price when it increased. I was not ready to back down, and after another three weeks, the price went on the high side. I was happy to buy in bulk.
the image used is mine
