December 17
THE price of palm oil plummeted to K4,270 per viss (a viss equals 1.6 kilogrammes) at present, following the Kyat revaluation on the US dollar in the local forex market, according to the domestic market.
The price hit a record high of K5,000 per viss in late September. And it fell to K4,450 per viss in October-end. The price remained low at K4,270 per viss in mid-December.
The drop in palm oil price is related to the Kyat appreciation against the US dollar. A dollar was valued at below K1,800 at present, whereas it hit an all-time high of over K3,000 per viss in late September.
To tackle with price high in the palm oil sector tracking the dollar gains, over the past two months, over 25,000 tonnes of palm oil were sold at the subsidized rate, which is equivalent to $31 million that the oil importers directly purchased at the reference rate from the Central Bank of Myanmar, according to the Consumer Affairs Department under the Ministry of Commerce.
The association is trying not to occur unnecessary issues regarding edible oil amid the global pandemic impacts.
Myanmar Edible Oil Dealers’ Association is attempting to maintain price stability, prevent market manipulation, import palm oil from foreign countries sustainably for self-sufficiency and distribute the edible oil at a fairer price to the consumers.
The domestic consumption of edible oil is estimated at 1 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. — GNLM
