Myanmar : YGN palm oil reference rate set at K7,280 this week
The wholesale palm oil reference rate in Yangon rose slightly to K7,280 per viss for the week ending 30 December. Myanmar imports about 700,000 tonnes annually to meet domestic demand, with only 400,000 tonnes produced locally. The government monitors prices and warns against overcharging or hoarding under the Essential Goods and Services Law. Consumers can report price gouging via hotline 1535 or related platforms. Authorities work with oil importers and dealers to ensure affordability.
The wholesale reference rate of palm oil for the Yangon market for the week ending 30 December slightly increased to K7,280 per viss from K7,250 per viss last week ending 22 December.
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.
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 with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers. 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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