YGN palm oil reference rate slightly surges
The wholesale reference rate for palm oil in Yangon rose slightly to K6,635 per viss for the week ending 17 November. Despite this rate set by the Supervisory Committee on Edible Oil Import and Distribution, market prices remain high. To prevent overcharging, the Consumer Affairs Department encourages complaints about price gouging via a hotline and social media. Myanmar’s palm oil consumption is around one million tonnes annually, with about 700,000 tonnes imported from Malaysia and Indonesia to supplement local production.
The wholesale reference rate of palm oil for the Yangon market indicated a slight rise to K6,635 per viss for the week ending 17 November from K6,595 per viss recorded the week ending 10 November, according to the Supervisory Committee on edible oil import and distribution.
The Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia, adding transport costs, tariffs and banking services to decide the wholesale market reference rate for edible oil weekly.
Despite the reference price, the market price is way too high.
To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed the consumers of lodging the complaints for overcharging through the call centre hotline in late August. The department urges consumers not to buy palm oil at high prices.
The Committee notified that any person who is involved in price gouging and oil storage to attempt market manipulation will face legal action under the Essential Goods and Services Law.
The department is working together with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers.
The complaints for overcharging can be lodged over hotline 1535 of the call centre of the Consumers Affairs Department or sent to the Facebook page of the department and the region and state departments concerned.
The domestic consumption of palm oil is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. About 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia to meet domestic demands. —
Source Link : https://www.gnlm.com.mm/ygn-palm-oil-reference-rate-slightly-surges/
