PALM oil reference price was set for a six-month low at K6,110 per viss in a week ending 22 June as weak global palm oil prices are closely tied to domestic palm oil reference prices, according to the Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce.
Myanmar imports edible oil to meet the domestic growing demand. The imported CIF price (Cost, Insurance and Freight) for palm oil has been declining since January 2025. The wholesale reference price declined to K6,110 per viss in the week ending 22 June from K7,280 in the first week of January. 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. The committee issues reference prices weekly every Monday through the website www.doca.gov.mm of the Department of Consumer Affairs and the Facebook pages of the department and the Myanmar Edible Oil Dealers’ Association. Despite the reference price, the market price is way too high. To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed consumers of lodging complaints for overcharging through the call centre hotline. The department urges consumers not to buy palm oil at high prices. The Committee notified that any person 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 together with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers. 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 demand. — NN/KK
