CENTRAL Bank of Myanmar announced on 17 March that it daily pumps US$2.2 million into edible oil and other commodity import sectors.
Those hard currencies are from foreign currencies generated by CMP businesses.
The 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. CBM’s dollar injection into the import sector cut down edible oil prices in the domestic market.
According to the Supervisory Committee on Edible Oil Import and Distribution, the wholesale reference rate of palm oil set for the Yangon market dipped to K6,875 per viss for a week ending 23 March.
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 any person who is 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 imported palm oil at affordable rates for consumers.
The complaints for overcharging can be lodged over hotline 1,535 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. — NN/KK
