The palm oil is being sold via mobile market truck in the Yangon region, according to Myanmar Oil Dealers’ Association.
The association has already distributed the edible oil to the consumers at a cheaper rate through wholesalers, retailers and mobile market trucks as of the last week of November last year. But the mobile market trucks were suspended for a while and have been resumed on 14 January 2022.
The price of palm oil currently hit around K4,800 per viss (a viss equals 1.6 kilogrammes) in the Yangon market. The association imported the palm oil at the CBM reference rate and sold it at the fair price of K4,400 per viss with the mobile oil tankers in the Yangon region.
At present, the prices of palm oil somewhat rose, following Kyat depreciation against the US dollar in the local foreign exchange market.
Currently, the local currency is approximately K2,000 per dollar.
Thus, the association has distributed the edible oil to the consumers at a cheaper rate through the relevant companies.
Last year, more than 30,000 tonnes of palm oil, with an estimated value of US$41 million that the CBM directly sold to the oil sectors during Kyat weakening in the forex market, have been sold at an affordable price.
The domestic consumption of edible oil is estimated at one million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported from Malaysia and Indonesia. — NN/GNLM