Palm oil prices continue to decline

At the end of April 2023, the wholesale price of palm oil was only around K6,000 per viss, according to the Yangon oil market.
Delivery order (DO) prices at the Yangon oil tank were K6,150 and K6,100 per viss on 27, 28 and 29 April.
The Yangon reference wholesale price of palm oil from 24 April to 1 May is K4,680 per viss, down by K110 per viss from the previous week. Palm oil prices are declining in Yangon as well as in various regions. The recent market price in Yangon is only K1,400 per viss higher than the wholesale reference price.
On 27 February 2023, the market price of palm oil was around K2,600 per viss higher than the reference wholesale price of K4,600 per viss.
The reference wholesale price for a tonne of imported oil (CIF) arriving at Yangon Port this week is K4,680 per viss; with a foreign price of US$1,063 and an average exchange rate of K2,488.
In 2022, the average import of oil was only around 40,000 tonnes per month, but in April 2023, more oil was imported from abroad, and the price of oil in the Yangon oil market fell.
At the end of February 2023, when the wholesale price of palm oil at the tank was around K7,400 per viss, and around K80,000 per jerry can at the lowest, depending on the brand. At this time, despite the price drop at the oil tank, a jerry can of palm oil only costs K66,500.
There are speculations that the price of palm oil may not be lower than K6,000 per viss, hesitating most oil traders to hoard palm oil in large quantities. — TWA/CT