THE wholesale reference rate of palm oil for the Yangon market remained unchanged at K7,280 per viss for the week ending 12 January, according to the Supervisory Committee on Edible Oil Import and Distribution.
The price has remained constant for three consecutive weeks.
The Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce closely observes 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 anyone 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 with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer imported palm oil to consumers at affordable rates.
Complaints for overcharging can be lodged over the 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
