Criminal prosecution for market manipulation through palm oil storage

Those unscrupulous traders keeping palm oil stocks in an attempt to manipulate the price will face legal actions under the law, Yangon Region Chief Minister U Soe Thein said.


He gave the remark at the work coordination meeting for palm oil distribution held at Mingala Hall in the regional government office complex on 14 November.


Additionally, he ensured that there was a self-sufficien­cy of edible oil in the region. Under the guidance of the re­gional government, the district/ township level administration officials must lead in the dis­tribution process upon the rel­evant data compiled to meet the demand of the shops and the residents in each township.


A task force will go on a surprise check to ensure there is no overpricing. Those storing palm oil for market manipula­tion will be charged under the existing law, he highlighted.


At the meeting, regional Minister for Economic Affairs U Myo Myint Aung elaborated on distribution plans to the peo­ple, and Regional Government Secretary U Nyi Nyi Min also explained the sales of palm oil at the set price.


Afterwards, President U Aye Win of the Union of Myan­mar Federation of Chambers of Commerce and Industry, Chair­man U San Lin of Myanmar Edible Oil Dealers’ Association, U Than Htike, head of Yangon City Development Committee’s Markets Department and offi­cials discussed the systematic distribution of palm oil at ref­erence prices.


The Supervisory Commit­tee on Edible Oil Import and Distribution set the wholesale reference price for Yangon at K4,680 per viss for the week ending 19 November.


Despite the reference pric­es, the market price is too high.


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. To meet the domestic demands, about 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia. — NN/ EM