THE wholesale reference rate of palm oil set for the Yangon market dipped to K6,875 per viss for a week ending 23 March from K6,890 per viss last week (10-16 March), according to the Supervisory Committee on Edible Oil Import and Distribution.
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, adding transport costs, tariffs and banking services to decide the wholesale market reference rate for edible oil weekly.
Despite the reference price, the market price is way too high.
The committee notified that anyone involved in price gouging and oil storage to attempt market manipulation will face legal action under the Essential Goods and Services Law.
The department is collaborating with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer consumers imported palm oil at affordable rates.
Complaints for overcharging can be lodged over hotline 1535 of the call centre of the Consumers Affairs Department or sent to the department’s Facebook page and those of the region and state departments concerned.
Domestic palm oil consumption is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. About 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia to meet domestic demands. — NN/KK
