It was announced yesterday that it would take action under the Important Goods and Services Act if the persons raise prices, illegally store goods and commit scams in the domestic market.
The Committee for the Supervision of the Import and Distribution of Edible Oils under the Ministry of Commerce has issued a statement in a bid to manage the domestic palm oil prices.
Depending on the daily monitoring of FOB prices in Malaysia and Indonesia, transportation costs, bank expenses, and basic wholesale reference price to be traded in the local market are taken into account, including taxes for setting the proper prices.
According to market and price in the world’s palm oil exporters this week, the committee has announced the basic Yangon Reference Wholesale Price of palm oil is K4,430 per viss within 30 January and 5 February.
These basic wholesale quotes are available on the Department of Consumer Affairs website: www.doca.gov.mm and on the Facebook page of the Myanmar Oil Traders and Oil Entrepreneurs Association. —MNA/ KZW