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Over 10,000 tonnes of palm oil sold at fairer prices within 22 days

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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 self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported.

The Department of Consumer Affairs under the Ministry of Commerce stated that more than 10,000 tonnes of palm oil were sold at fair prices of K3,700 per viss (a viss equals 1.6 kilogrammes) within 22 days, in coordination with the Myanmar Edible Oil Dealers’ Association.
The volume of palm oil that was sold at the subsidized price beginning from 20 September is equivalent to the amount that the oil importers directly purchased the foreign currency from the Central Bank of Myanmar. The MoC sold a total of six million visses (10,000 tonnes) of palm oil as of 11 October.
“The scheme was implemented in Yangon at the wholesale price of K3,700 per viss of palm oil. About six million visses (10,000 tonnes) have been distributed to the wholesalers and retailers,” said an official of the Department of Consumer Affairs.
This plan proceeded to Mandalay, Magway, Sagaing and Bago regions and Shan State. The wholesalers and retailers must also resell them to the consumers with a gross profit of less than two per cent.
Under the plan of the Myanmar Edible Oil Dealers’ Association, palm oil is sold at K3,800 with the mobile market trucks.
Those wholesalers and retailers who want to buy them can come and buy at the association’s office located at No 104/108 on Strand Road, Ahlon Township through the contact numbers (09444437295 and 09401527049 of the association and 01250270 and 0943666668 of the Yangon Region Consumer Affairs Department.
The price of palm oil hit a peak of above K5,000 per viss (a viss equals 1.6kg) in the market, the association stated.
The price hike is attributed to the depreciation of the local currency in the forex market, traders stressed.
Additionally, the association notified the consumers not of worrying over the supply of the edible oil on 15 July.
The association is also making concerted efforts with the organizations concerned and the related departments to secure the edible oil sufficiency and offer a reasonable price to the consumers, as per the statement.
The association is trying not to occur unnecessary issues regarding edible oil amid the global pandemic impacts.
Myanmar Edible Oil Dealers’ Association is attempting to maintain price stability, prevent market manipulation, import palm oil from foreign countries sustainably for self-sufficiency and distribute the edible oil at fairer prices to the consumers.
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 self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported. — NN/GNLM

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