Myanmar : YGN palm oil wholesale reference rate dips
The wholesale reference rate of palm oil in Yangon decreased slightly to K7,245 per viss for the week ending 2 February 2025, down from K7,255. Despite this, market prices remain significantly higher. Legal action is promised for price gouging, while efforts continue to provide affordable imported palm oil to meet the annual demand of 1 million tonnes.
The wholesale reference rate of palm oil for the Yangon market slightly decreased to K7,245 per viss for the week ending 2 February 2025, from K7,255 recorded last week ending 26 January, 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.
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 palm oil consumption 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.
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Source : GNLM
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