Palm oil wholesale market price rocketed at K7,500 per viss in the second week of July 2023 and declined to K6,500 per viss in the third week of July.
The price jumped to K7,800-8,000 per viss on 11 July and decreased to K6,800 per viss on 15 July.
The price moved up on 8 July. There was a slew of difficulties in buying them in the domestic market. A week later, the price returned to a normal rate, U Maung Tun, a trader who sends palm oil to regions outside Yangon, told the Global New Light of Myanmar.
Nonetheless, there is a gap of K2,000 per viss between the reference price and the market price. The traders are observing the market not to yield a loss.
International prices stood at US$870 per tonne on 10 July, $875 on 11 July, $870 in the afternoon and $890 in the evening of 14 July respectively.
The price is not that different in the international market. Furthermore, there is a steady inflow of edible oil from foreign countries, with 10,200 tonnes imported into the country on 13 and 14 July.
The wholesale reference price for Yangon Region for a week from 10 to 16 July was set at K4,140 per viss, while the mobile market scheme offers palm oil at a retail price of K4,300 per viss. The mobile market trucks offer a fair price at K5,000 per viss to the consumers in Bayintnaung, Lanmadaw and Nyaungpinlay areas. There is a long queue of consumers to buy palm oil at a fairer price through the mobile market trucks.
The palm oil wholesale market is moving at a slow pace due to the price fluctuation, Ma Win Aye, a trader from Myaungmya Township who comes to buy palm oil in Yangon, told the GNLM. — TWA/EM
