YGN palm oil wholesale reference price rises to K5,200 by week ending 21 Jan

The wholesale reference rate of palm oil for the Yangon market this week ending 21 January 2023 was set higher to K5,250 per viss from K4,955 per viss registered last week, according to the Supervisory Committee on edible oil import and distribution.


The figure reflected a sharp in­crease of K295 per viss this week.


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.


Nevertheless, 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 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. To meet domestic demands, about 700,000 tonnes of palm oil are imported yearly through Malaysia and Indonesia. — NN/EM