June 27
The wholesale reference rate of palm oil in the Yangon market was set higher above K4,000 per viss this week ending 2 July, according to the Supervisory Committee on edible oil import and distribution.
The reference price was set at K3,860 per viss from 19 to 25 June. For a week ending 2 July, the price was set higher a bit at K4,010 per viss. The figures showed an increase of K150 per viss compared to that of the previous week.
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 including transportation cost, tariff and banking service, and issuing the wholesale market reference rate for edible oil on a weekly basis.
Sale of palm oil is offered at a fairer price to the consumers directly depending on the reference price. However, there are limited sources of supply although they directly sell the palm oil at reference rate depending on the volume quota.
To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia.—NN/EM
