Both domestic petrol and palm oil prices fall

The wholesale reference price of petrol and the base price of palm oil in Yangon fell on 14 July 2022, from the previous week, according to the market.
On 14 July, the wholesale and retail prices per litre were K1,693 and K1,785 for Octane 92 Ron; K1,767 and K1,860 for Octane 95 Ron; K2,100 and K2,205 for Diesel; K2,156 and K2,260 for Premium Diesel.
On 7 July, the wholesale and retail prices per litre were K1,741 and K1,835 for Octane 92 Ron; K1,857 and K1,955 for Octane 95 Ron; K2,090 and K2,195 for Diesel; K2,119 and K2,225 for Premium Diesel.
On 6 July, the wholesale and retail prices per litre were K 1,970 and K 2,070 for Octane 92 Ron; K 2,090 and K2,195 for Octane 95 Ron; K2,270 and K2,380 for Diesel; K2,297 and K2,410 for Premium Diesel.
Therefore, compared to the prices on 7 July, the prices of Octane per litre dropped by between K50 and K100 on 14 July and the prices of diesel were higher by K10 and K40, depending on the type of diesel. However, compared to the prices on 6 July, the wholesale prices of Octane dropped by around K300 and the diesel prices dropped by K150 respectively on 14 July.
Similarly, the Yangon-based wholesale prices of palm oil have dropped from K5,815 to K4,650 per viss between 11 and 17 July.
According to foreign oil market price reports, the price of palm oil was $143.39 per metric ton on 9 June and $90.95 per metric ton on 13 July, and it is less likely to rise since the world’s two largest exporters of palm oil, Malaysia and Indonesia, are having high domestic oil reserves, as well as due to increased oil production and the approaching harvest of palm oil.
In the oil market outside Yangon, the wholesale price was K8,000 per viss on 11 July and around K7,400 on 13 July.
On 14 July, wholesale oil was sold at K7,600 per viss in Meiktila, according to oil seller Ko Tun Ko.
As the price is more likely to fall, palm oil sales have risen, so much as that oil sales car with a notice saying K4,750 per viss can be found. — TWA/GNLM

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