Myanmar : Yangon palm oil rate drops to K6,905 per viss this week
Yangon’s wholesale reference rate for palm oil dropped to K6,905 per viss for the week of 24 February–2 March, down from K6,985. Despite this, market prices remain high. Authorities warn against price gouging and hoarding, enforcing legal action if needed. Myanmar imports 700,000 tonnes of palm oil annually to meet demand, supplementing its 400,000-tonne local production.
The wholesale reference rate of palm oil set for the Yangon market declined again to K6,905 per viss this week from 24 February to 2 March, down from K6,985 per viss last week ending 23 February, 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 on a weekly basis.
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 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 .
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Source : GNLM
