Barrel oil price, 18-litre container oil price same in palm oil market

The Yangon-based palm oil reference price between 1 and 7 August is K3,525 per viss, the officials announced yesterday.
In a two-week duration from 18 to 31 July, the price was K3,665 per viss.
The consumer can buy about one viss of oil from the oil shops and trucks in their regions in addition to the Bayintnaung market at the set reference prices. However, the wholesale price in the market including in Yangon was about K8,500 per viss on 1 August, said an oil purchaser. In the market, the various brands of tin oil cans imported via border areas in addition to plastic containers are available, according to the market.
One 18 litres container was priced at K87,000 while a tin oil at K86,000. The weight of the plastic container is 10 visses and 55 ticals and the tin oil is 10 visses and 60 ticals. The empty barrel can be sold at K2,000 and the oil is at K8,500 per viss.
The oil colour is much better than oil from a barrel. On 28 July, the palm oil price was $861.852 per metric ton, the exchange rate was K1,850 and about K1.6 million per tonne in foreign countries. The barrel oil exchange prices outside the Yangon market are higher than the oil price in Malaysia. Therefore, oil barrels that can be easily carried from foreign countries enter the country via border routes. As it makes large profits, people sell the oil at the same prices as the barrel oil prices that are higher in the market, said oil dealer Ko Tin Tun. — TWA/GNLM