Palm oil wholesale reference price remains unchanged at K4,440 per viss

The wholesale reference rate of palm oil in the Yangon market stays the same at K4,440 per viss (a viss equals 1.6 kilogrammes) like the previous week, according to the Supervisory Committee on edible oil import and distribution.
The reference price was set at K4,440 per viss for a week ending 22 January, and the price remained unchanged for a week from 23 to 29 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. With transport costs, tariffs and banking services being evaluated, the committee has been issuing the wholesale market reference rate for edible oil every week.
Regardless of the reference price, the current market price is way too high.
If those edible oil retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Service Act, MoC released a statement.
Additionally, the Ministry of Commerce is striving for consumers not to worry over the possible shortage of edible oil. The ministry is also trying to secure edible oil sufficiency, supervise the market to offer reasonable prices to the consumers and maintain price stability.
At present, mobile market trucks operated by oil importing companies, in coordination with Myanmar Edible Oil Dealers’ Association, were back to business in some townships on 17 July to offer palm oil at a subsidized rate. They sell palm oil at K4,650 per viss to consumers directly. However, there are limited sources of supply although they directly sell palm oil at a reference rate depending on the volume quota.
The domestic consumption of edible oil is estimated at one million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia.—NN/EMM