Palm oil reference price plummets by K84 per viss

From 18 to 24 September, the basic reference price of palm oil is K4,440 per viss, dropping by K84 per viss compared to the previous week.


Although the wholesale reference price of palm oil rose above K4,500 per viss from 11 to 17 September, the price fell back to below K4,500 per viss this week.


Rather than selling to con­sumers queuing in line, the sell­ing of palm oil to retail outlets and small businesses after receiving a signed pledge to resell and doc­umentary evidence began to be seen in the Bayintnaung Market.


According to a person who is allowed to buy palm oil, daily sales lists must be filled out on the prescribed list forms and sent to relevant parties.


In September, direct sales by companies and oil distribution by NGO associations increased in areas like Yangon, and retailers are said to be selling more palm oil to consumers at a fixed price.


Related actions have also been reportedly taken against the false sale of peanut oil and the chemical refining of used cooking oil.


Consumers can see the availability of palm oil at fixed retail prices in most small retail outlets this month, compared to previous months. A resident of Lanmadaw Township said that one person could only buy 50 ti­cals by standing in line before, but now they can buy up to one or two visses. As imports of palm oil from abroad are increasing this month, direct sales by companies to the regions may also increase. — TWA/CT