Myanmar : YGN palm oil wholesale reference rate slightly rebounds
The wholesale reference rate for palm oil in the Yangon market rose slightly to K6,320 per viss for the week ending November 3, up from K6,265 the previous week. Despite this increase, market prices remain significantly high. The Consumer Affairs Department has urged consumers to report price gouging through a hotline and warned that those manipulating prices could face legal consequences
The wholesale reference rate of palm oil for the Yangon market rebounded slightly to K6,320 per week ending 3 November from K6,265 per viss ending 27 October, 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.
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-wholesale-reference-rate-slightly-rebounds/
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