January 13, 2022
Myanmar Edible Oil Dealers’ Association (MEODA) will chronologically sell the palm oil to the wholesalers and retailers.
The Ministry of Commerce, in coordination with MEODA, carried out a scheme to distribute edible oil at fairer rates. The total volume of edible oil that will be sold at very cheap rates is equivalent to the amount that the edible oil importers directly purchased the foreign currency from the Central Bank of Myanmar. The association will chronologically sell those palm oil to the wholesalers, retailers, mobile market truck operators and sub-associations in the different regions and states.
The sales lists will be posted at 104/106 buildings owned by the Department of Consumer Affairs, located on Strand Road, Ahlon Township.
Those who are entitled to purchase palm oil have to follow the prescribed rules to make payments and withdraw edible oil.
Additionally, those who failed to pay in the set period will no longer have access to buy the oil through the association, MEODA notified.
Those wholesalers and retailers can inquire about contact numbers (01-2314296, 09444437295) of the MEODA.
The association has already distributed the edible oil to the consumers at a cheaper rate through wholesalers, retailers and mobile market trucks as of the last week of November last year.
At present, the prices of palm oil slightly rose to K4,800 per viss (a viss is equal to 1.6 kilogrammes), following Kyat depreciation against the US dollar in the local forex market. A dollar is worth approximately K2,000 for now.
In 2021, more than 30,000 tonnes of palm oil, with an estimated value of US$41 million that the CBM directly sold to the oil sectors during Kyat weakening in the forex market, have been sold at the subsidized price.
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 self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported primarily from Malaysia and Indonesia.— NN/GNLM
