THE prices of palm oil pulled back in the domestic market.
The price hit a high of over K8,000 per viss (a viss equals 1.6 kilogrammes) in the domestic market in early June. The price falls again to around K7,000 per viss at the moment.
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 transport costs, tariffs and banking charges and issuing the wholesale market reference rate for edible oil on a weekly basis.
The reference rate of palm oil in the Yangon market for a week from 20 to 30 June is set at K5,815 per viss. However, the market price is higher than the reference rate.
Additionally, some oil shops get access to limited sources of supply although they sell the palm oil at a reference rate depending on the volume quota.
“I like to encourage the fellow sellers to offer the palm oil at the reference rate. It is a way of making merits. I sell palm oil at the reference rate of K5,950 per viss. A consumer is entitled to buy a viss of palm oil and two visses for those engaged in commercial business. I cordially invite the customers,” the OK rice and edible oil trading and rice miller family enterprise posted on its social media.
Moreover, the authorities, Myanmar Edible Oil Dealers’ Association and importers companies made a scheme to offer the oil in equal amounts (a viss) for each consumer to buy the oil at a fair price. The resales are not given green light so we will not distribute the oil for reselling. We will follow the sales quota accordingly. We like to request that we cannot sell them daily due to limited sources of supply, stated the OK rice and edible oil trading and rice miller family enterprise.
If those retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Special Goods Tax Law, MoC released a statement. The Ministry of Commerce is striving for the consumers not to worry over the supply of edible oil. The ministry is also trying to secure edible oil sufficiency, supervise the market to offer a reasonable price to the consumers, maintain the price stability and prevent market manipulation. — NN/GNLM