Palm oil wholesale reference price for Yangon Region set K130 higher this week ending 30 July

The wholesale reference rate of palm oil for the Yangon mar­ket has increased by K130 per viss this week ending 30 July, according to the Supervisory Committee on edible oil import and distribution.


The reference price was set at K4,100 per viss from 17 to 23 July. For the week ending 30 July, the price was set higher at K4,230 per viss. The figures showed an increase of K130 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.


Yet, 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 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 1 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