Palm oil wholesale reference price for Yangon market moves slightly up

The wholesale reference rate of palm oil in the Yangon market slightly increased compared to that of the previous week, accord­ing to the Supervisory Committee on edible oil import and distri­bution.


The reference price stood at K4,480 per viss in the week from 6 to 12 February. For the week ending 19 February, the price was set higher at K4,490 per viss. The figures showed a small increase of K10 per viss.


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 including transport costs, tariffs and banking ser­vices, and issuing the wholesale market reference rate for edible oil every week.


Regardless of the reference price, the market price was exor­bitantly high at over K6,000 per viss.


If those edible oil retail­ers and wholesalers are found overcharging, storing inventory intentionally and attempting un­scrupulous action to manipulate the market, they will face legal ac­tion under the Essential Supplies and Service Act, MoC released a statement.


At present, mobile market trucks operated by oil importing companies, in coordination with Myanmar Edible Oil Dealers’ As­sociation, were back to business in some townships on 17 July to offer palm oil at a subsidized rate. They sell palm oil at K4,700 per viss to consumers directly. How­ever, there are limited sources of supply although they directly sell palm oil at a reference rate depending on the volume quota.


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 per year. To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia. — NN/EM