LOWER global palm oil prices weighed on domestic palm oil prices and it continues a downward trend, according to the Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce.
Myanmar imports edible oil to meet the domestic growing demand. The imported CIF price (Cost, Insurance and Freight) for palm oil dropped to $1,202 per tonne in the last week of March from $1,295 in January 2025. Consequently, the wholesale reference price also declined to K6,770 per viss on 7 April from K7,280 recorded on 1 January, showing a significant decrease of K510 per viss.
The wholesale reference rate of palm oil set for the Yangon market was set lower at K6,770 per viss for a week ending 13 April, according to the committee.
The committee is ensuring food security, safety standards and reasonable prices for the consumers.
The committee has been closely observing the international prices to decide the wholesale market reference rate for edible oil weekly. 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 committee issues reference prices weekly every Monday through the website of the Department of Consumer Affairs and the Facebook pages of the department and Myanmar Edible Oil Dealers’ Association. — NN/KK
