Investigation of price fluctuation in retail fish species marketing in Ibadan, Oyo State

Abstract

This study investigated price fluctuation in retail fish marketing in Ibadan metropolis for two years. A total of 120 respondents were interviewed in the study and primary data was used through questionnaires with interview. Data obtained were analyzed using descriptive statistics and regression model. The questionnaires were distributed randomly in ten selected markets chosen cut across five local governments in Ibadan metropolis. The descriptive statistics showed that 95.0 percent of the fish sellers were women and 5.0 percent were male. The respondents were married, 9.2 percent had no formal education, 30 percent had primary education, and 14.2 percent had secondary education while 4 percent had tertiary education. Also, about 65.8 percent of the respondents were with 1 to 10 years experience in fish marketing while 3 to 4% had 21 to 30 years of fish marketing experience. Double-log model was found to be the lead equation among the four models fitted. The model indicated a relationship between the determinants of fish price fluctuation in retail fish marketed (Y) and some explanatory variables which include trading experience (X1), Education level (X2), Average stocks (X3), hoarding quantity (X4), government daily tax rate (X5), and fuel price (X6). All these were found to be significant at 1 percent level. The elasticity of all variables determining fish price fluctuation was less than one. This means that they were inelastic. Thus, a unit increases in the trading experience lead to N0.1974 decrease in fluctuation of price of fish between the two years. Also, a unit increase in the quality of stock hoarded lead on the average of N0.3078 unit increase in the fluctuation in price within two years. Some of the major problems faced by fish retailers in the study area include: problem of middlemen, storage facilities, erratic power supply and government rate/tax.