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MEODA plans to offer palm oil at bargain prices to victims of natural disasters

Myanmar Edible Oil Dealers Association (MEODA) has arranged to offer palm oil at a fairer rate to those people who are to be affected by natural disasters.
According to the weather forecast, Cyclone Mocha is likely to pass through northern Rakhine State, Magway, Mandalay and some areas in Sagaing Region between 13 and 15 May. The MEODA has prepared to cover possible shortages of edible oil in the hands of their members engaged in Rakhine State, Magway Region, Bago Region, Mandalay Region and Sagaing Region. This move is to reduce the concerns of people who live in disaster-prone areas, according to its recent notification.
The wholesale reference price for palm oil in Yangon was headed for a three-week decline and set at K4,500 per viss for a week ending 14 May.
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 every week.
Regardless of the reference price, the current market price is too high at over K6,000-7,000 per viss. If those edible oil retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Service Act, 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 to offer palm oil at a subsidized rate. They offer palm oil at a fairer price to the consumers directly depending on the reference price. However, there are limited sources of supply although they directly sell the palm oil at 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/EMM

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