The prices of edible oil market go up and down in early November 2022 depending on the supply and demand unlike the flat rate in the previous months.
The price of peanuts is declining so the peanut oil price has fallen. The wholesale price of peanut oil was K9,000-K9,500 per viss, yet the price hit over K10,000 per viss in the retail market. The popular branded peanut oil is still priced at K15,000 per viss. The price of palm oil changes depending on the demand. When the demand decreases, the price dips. Otherwise, the price increases on the back of high demand, U Aye Thaung, a palm oil buyer from Pabedan Township, told the GNLM.
The market price of palm oil frequently reached above K9,500 per viss in mid-2022. The prices were volatile then. In early November, the price remained unchanged at K6,000 per viss.
Earlier, one particular seller opened the palm oil price at above K9,000 per viss and the rest followed the price. This month, that particular shop does not set the price. It follows others.
On 12 November, the opening price of palm oil was K6,200 per viss in the wholesale market and then, the price went down to K6,100-K6,150 per viss.
A buyer Ko Thet told the GNLM that dealers sell a small quantity of palm oil at lower price than the market price. Then, they bought them at a fairer rate again. The dealers brought down the palm oil in the markets because of the large inflow of imported palm oil.
Nonetheless, large supply, possible freezing status in winter, quality edible oil found in the market are the contributing factors to the low demand of palm oil. There is a gap of K2,000 per viss between the market price and the reference price.
The Wholesale reference price of palm oil was K4,140 in mid-August, whereas the market price touched a high of K9,500 per viss at the end of August and in early September. Those who purchased withdrawal permit bills at K7,000 per viss waited for two months to withdraw the palm oil while the wholesale reference price was only K4,000 per viss. They lost a chance to resell them at a higher price. When the palm oil is in their hands, the price was only K6,500 per viss. That being so, they do not reap any profit, Daw Aye Yee, who purchased that bill, told the GNLM.
On 14 November, the demand was still weak in the markets. Yangon markets usually see panic buying for concerns of high price and the low demand when the price plummeted, said Ko Phyo, a dealer who sends palm oil to regions outside Yangon, said.
There is a mobile market scheme at K4,450 per viss to offer the cheaper price to the consumers. The quality palm oil can be purchased at K5,300 per viss on the mobile market trucks.
The consumers in Yangon city are closely observing the market to get the fair price.—TWA/GNLM