YGN palm oil wholesale reference price set at K5,140 for the week ending 25 Feb

The wholesale reference rate of palm oil for the Yangon market remained unchanged for this week ending 25 February to K5,140 per viss like that of the previous week ending 18 Feb­ruary, 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 transportation cost, tariff and bank­ing service to decide the wholesale market reference rate for edible oil on a weekly basis.


However, the market price is high­er than the reference price.


To control overcharging, the Con­sumer Affairs Department under the Ministry of Commerce informed the consumers of lodging the complaints for overcharging through Call Cen­tre’s Hot Line in late August. The department urged the consumers not to buy the palm oil at high price.


The department is making con­certed efforts to steer the high vol­atility in palm oil prices in the retail market and offer fairer prices to the consumers, in coordination with My­anmar Edible Oil Dealers Association and oil importing companies.


The complaints for overcharging can be lodged over Hot Line: 1535 of the Call Centre of the Consumers Affairs Department or sent to the Facebook Page of the department and the region and state departments concerned.


The domestic consumption of palm oil is estimated at one million tonnes per year. The local palm oil pro­duction is just about 400,000 tonnes. To meet the domestic demands, about 700,000 tonnes of palm oil are yearly imported through Malaysia and Indo­nesia. — NN/EM