Domestic palm oil prices reached above K10,000, becoming the highest in 2022 and 2023

On 19 August 2023, the wholesale price of palm oil skyrocketed to an unprecedented price of around K10,300 per viss throughout the external palm oil market, Daw Than, an oil dealer at the Nyaungpinlay market in Lanmadaw Township, told the Global New Light of Myanmar (GNLM).
Similarly, the wholesale price of palm oil in various regions reached above K10,000 per viss, according to the daily price descriptions of regional markets, including the Mandalay market.
Although there is the entry of imported palm oil and the absence of high imported oil prices, palm oil prices have hiked based on the fact that foreign currency exchange rates are much higher than the reference rates.
A total of 9,200 tonnes of palm oil from abroad entered the country on 18 and 19 August at a rate of US$870 per tonne, according to Yangon oil market reports.
In 2022 and 2023 of the kitchen goods market, rice, edible oil, onion, garlic, chilli pepper, sugar, jaggery, the half of chickpeas, black gram, and pigeon peas reached record highs, except tamarind and potato. The wholesale price of palm oil in external markets also became included in the list in the third week of August 2023. Despite the low demand, there is little chance for the wholesale price to drop further from K10,300 per viss.
In order to facilitate the demand for foreign currency in the market, US dollars are being sold to the fuel oil, edible oil, and import industries through private banks.
However, in relation to foreign exchange rates, authorities issued an announcement that action will be taken against those who manipulate the market to increase foreign exchange rates, such as by writing posts and taking illegal actions on online and social media that are not based on market needs or data information.
It is known that consumers who have to buy palm oil at high prices wish for the price to decrease from the record high of K10,300 per viss. — TWA/CT