Palm oil wholesale reference price for Yangon Region declines

The wholesale reference rate of palm oil for the Yangon mar­ket has decreased again this week ending 23 July, according to the Supervisory Committee on edible oil import and distri­bution.


The reference price was set at K4,140 per viss from 10 to 16 July. For the week ending 23 July, the price was set lower at K4,100 per viss. The figures showed a small decrease of K40 per viss compared to that of the previous week.


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 transportation cost, tariff and banking service, and is­suing the wholesale market reference rate for edible oil every week.


Nonetheless, the palm oil market price is exorbitantly high compared to the refer­ence price

If those edible oil retail­ers and wholesalers are found overcharging, storing invento­ry intentionally and attempt­ing unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Service Act, MoC released a statement.


The Ministry of Commerce is striving for 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 reasonable prices to the con­sumers and maintain price stability.


At present, mobile market trucks operated by oil import­ing companies, in coordination with Myanmar Edible Oil Deal­ers’ Association, were back to business in some townships on 17 July 2022 to offer palm oil at a subsidized rate. They offer palm oil at a fairer price to the consumers directly depending on the reference price. Howev­er, there are limited sources of supply although they directly sell the palm oil at reference rate depending on the volume quota.


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 oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are year­ly imported through Malaysia and Indonesia. — NN/EM