YGN palm oil wholesale reference price shows uptick this week

The wholesale reference rate of palm oil for the Yangon market increased to K5,250 per viss slightly this week, ending 24 March, from K5,215 record­ed last week, according to the Super­visory Committee on edible oil import and distribution.


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 on a weekly basis.


Nonetheless, the market price is way higher than the reference price.


To control overcharging, the Con­sumer Affairs Department under the Ministry of Commerce informed the consumers of lodging the complaints for overcharging through the call centre’s hotline in late August. The Department urged consumers not to buy palm oil at high prices.


The Department is making con­certed efforts to steer the high vola­tility in palm oil prices in the retail market and offer fairer prices to con­sumers in coordination with the My­anmar Edible Oil Dealers Association and oil importing companies.


The complaints for overcharging can be lodged over Hot Line: 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 consumption of palm oil 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/EM