Yangon palm oil reference price persists downtick
Myanmar’s wholesale palm oil reference price for Yangon fell to K6,115 per viss for the week ending December 18, down from K6,140 last week, continuing a decline since late October. Authorities set prices based on FOB costs but say market rates remain high, urging consumers to report overcharging.
The wholesale reference rate of palm oil set for the Yangon market decreased to K6,115 per viss again for the week ending 18 December, down from K6,140 per viss recorded last week.
The price was set at K6,565 per viss this week ending 30 October, thereafter, the price kept sliding.
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 still high.
To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed consumers of lodging 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 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 imported annually through Malaysia and Indonesia to meet domestic demands.
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Source : GNLM
