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The wholesale reference rate of palm oil in the Yangon market remained low this week, indicating a decrease of K560 per viss (a viss equals 1.6 kilogrammes) within three weeks, according to the Supervisory Committee on edible oil import and distribution.
The Supervisory Committee on edible oil import and distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia including transport costs, tariffs and banking services, and issuing the wholesale market reference rate for edible oil on a weekly basis.
The reference prices of palm oil in the Yangon market were set at K5,220 per viss for a week ending 11 September, K4,730 per viss for a week from 12 to 18 September and K4,690 per viss for a week ending 25 September. The reference price for a week from 26 September and 2 October touched a low of K4,660 per viss, capping the decline in the fourth week.
Nevertheless, the current market price is way too high compared to the reference price.
If those retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Special Goods Tax Law, MoC released a statement.
The Ministry of Commerce is striving for consumers not to worry over the supply of edible oil. The ministry is also trying to secure edible oil sufficiency, supervise the market to offer reasonable prices to consumers and maintain price stability.
At present, mobile market trucks operated by oil importing companies, in coordination with Myanmar Edible Oil Dealers’ Association, were back to business in some townships on 17 July in order to offer palm oil at a subsidized rate. They sell palm oil at K4,850 per viss to consumers directly. However, there are limited sources of supply although they directly sell the palm oil at a reference rate depending on the volume quota.
The domestic consumption of edible oil is estimated at one million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia. — NN/GNLM