ACCORDING to the Supervisory Committee on Edible Oil Import and Distribution, the wholesale reference rate of palm oil set for the Yangon market made a four-week decline to K7,075 per viss this week from 10 to 16 February 2025.
The prices decreased from K7,165 per viss last week ending 3-9 February, K7,245 per viss for the previous week ending 2 February and K7,255 recorded for the previous week ending 26 January.
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, adding transport costs, tariffs and banking services to decide the wholesale market reference rate for edible oil weekly.
Despite the reference price, the market price is way too high. 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 department is working together with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers.
The complaints for overcharging can be lodged over hotline 1535 of the call centre of the Consumers Affairs Department or sent to the Facebook page of the department and the region and state departments concerned.
The domestic palm oil consumption is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. About 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia to meet domestic demands. — NN/KK
