Gap narrows between locally produced peanut oil and imported palm oil

The wholesale price of peanut oil stood at K9,000-9,500 per viss only following the decrease in peanut prices in early November, according to Monywa Commodity Centre.


Similarly, the wholesale price of imported palm oil in Yangon was K6,300 per viss so the gap be­tween the locally produced pea­nut oil and the imported palm oils narrowed. There is only a price difference of K3,000 per viss, Ko Htay Win, a seller, told the Global New Light of Myanmar (GNLM).


On 20 August 2022, the pea­nut oil hit K13,000-15,000 while the palm oil was priced at K9,700 per viss, showing a large gap of K5,000 per viss. On 21 Novem­ber, the gap widened to K6,000 when the palm oil price plunged to K6,000 per viss and the peanut oil price was K11,000-12,0000 per viss.


The prices of peanuts and sesame influence the prices of locally produced peanut and sesame oil. The palm oil price fluctuated between K6,000 and K9,500 per viss in the second half of 2022, Ko Phyo, a dealer who sends the goods to the regions outside Yangon, told the GNLM. The wholesale reference price of palm oil moved in the range between K3,500 and K5,800 per viss in the H2.


The wholesale reference price records a gap of K2,000 per viss, whereas the price move­ment of the wholesale price in Yangon markets was around K3,500 per viss.


The prices of peanuts for oil stood at K7,000 per viss in early September, K6,000 in late Octo­ber and K5,500 on 5 November respectively.


The wholesale prices of edi­ble oil fluctuated at K9,000-14,500 for peanut oil, K7,500-11,000 for sesame oil, and K7,000-13,000 for sunflower oil in the four months of H2 (mid-July to the third week of October). On 5 November, the prices stood at K9,000-9,500 for peanut oil and sesame oil, K12,000-13,000 for sunflower oil and K6,350 for palm oil.


The price of sesame seeds jumped from K6,000 to K9,000 per basket in the previous months. This month, the price declined to K8,000 per basket. Similarly, the price of sunflower seeds decreased from K155,000 to K145,000-150,000 per 27-viss.


Palm oil usually freezes in the winter. Retailers sell them af­ter sundry or heat treatment, the GNLM quoted Ko Kyaw, a seller as saying. Consumers mostly purchase healthy peanut oil over palm oil due to the narrow gap, he added.


At the end of November 2021, peanut oil was worth K5,500 and palm oil fetched over K4,500 per viss in the wholesale markets.


Consumers would like to change their behaviour yet the price gap forced them to buy palm oil instead, Daw Khaing Khaing, a housewife, shared her opinion with the GNLM. – TWA/ GNLM