Kyat devaluation drove the wholesale reference price of palm oil up, as per the institution concerned.
The wholesale reference rate of palm oil for the Yangon market on 18 December 2023 was set at K4,810 per viss. Then, it rose to K5,275 per viss on 22 January 2024, the Supervisory Committee on edible oil import and distribution issued weekly.
With the recommendation of the ward administrators, consumers are eligible to buy the palm oil at the retail reference price, U Thein Lwin, a palm oil seller from Latha Township, told the Global New Light of Myanmar.
International palm oil prices surged to US$885 per tonne on 24 January from $830 on 5 January.
The palm oil’s original price is around K5,000 per viss as imported Malaysian palm oil is valued at K3.1 million per tonne when it was calculated with the exchange rate of K3,500. The actual palm oil value in the domestic market was approximately K6,000 per viss.
Starting from December 2023, an oil quota is set for each region and state under the palm oil distribution system to facilitate the consumers. The majority of them have a chance to buy palm oil at a reference price. — TWA/KK
