Import price elevates palm oil price to over K5,000 per viss

The price of palm oil edged up to K5,000 per viss (a viss equals 1.6 kilogrammes) at present, following the increase in imported oil price, according to Myanmar Edible Oil Dealers’ Association.
The prevailing price of imported palm oil stands at US$1,450 per tonne, whereas it fetched only $1,360 per tonne in early January, indicating an increase of $90 per tonne within a month. Tracking the price hike of imported oil, the price of palm oil rises tremendously to K5,150 per viss.
The Central Bank of Myanmar sold US$77 million to the edible oil sector to distribute the oil at subsidized prices.
Between 15 September 2021 and 13 January 2022, the Central Bank of Myanmar sold $77 million multiple times to the oil importers at the reference rates of K1,753-1,820. Of them, $74 million worth of over 57,000 tonnes of palm oil has been imported so far. More than 53,000 tonnes of palm oil have been distributed. Over 3,900 tonnes are left for sales, said an official of the Consumer Affairs Department.
The retail price of oil is K4,500 per viss at present. The edible oil is distributed with the mobile market trucks in coordination with the Myanmar Edible Oil Dealers’ Association.
The domestic consumption of edible oil is estimated at 1 million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported. — NN/GNLM