YGN palm oil wholesale reference rate stable for five straight weeks

The wholesale reference rate of palm oil for the Yangon mar­ket remained unchanged at K5,250 per viss for the five con­secutive weeks from 18 March to 21 April 2024, 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.


However, the market price is 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 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 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