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CBM sells US$79 million for palm oil sector

The Central Bank of Myanmar sold US$79 million to the palm oil importers so that the palm oil can be distributed at the fairer price, according to the Consumer Affairs Department under the Ministry of Commerce.
Starting from 15 September 2021, the CBM has sold the foreign currencies multiple times to the palm oil importing companies at the minimum exchange rate of K1,753 and the maximum rate of K1,820 per dollar as of 4 February.
Over 6,000 tonnes of palm oil which is equivalent to $79 million are being sold at the subsidized price. Of 6,000 tonnes, 195.41 tonnes of palm oil are left for sales, said an official of the Consumer Affairs Department.
Myanmar Edible Oil Dealers Association set the palm oil reference rate and the sales volume depending on the CBM’s exchange rate and the imported oil prices of the companies.
Consequently, the relevant oil importing companies distribute the palm oil at the reference rate set by the association and have to submit a sales report to the steering committee on the importation and distribution of the edible oil, according to the Consumer Affairs Department.
The consumers can complain about overcharging for edible oil which is sold at subsidized rate under the public distribution system, the Ministry of Commerce stated.
If any overcharging is found, the consumers can complain about it through the contact numbers (0943666668) of the Yangon Region Consumer Affairs Department and (09262079105 and 09965136377) of the Myanmar Edible Oil Dealers Association.
Tracking the rise in imported oil prices, the retail price of palm oil is shooting up around K7,000 per viss (a viss equals 1.6 kilogrammes) at present.
Meanwhile, the Myanmar Edible Oil Dealers Association is selling those palm oil with the mobile market trucks at the subsidized rate of K6,000 per viss.
The domestic consumption of edible oil is estimated at one million tonnes a 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

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