Palm oil price exceeds by K600 per viss in over two months

The price of palm oil has grown by K600 per viss in the domestic market in over two months, it is learnt.
Although the palm oil price on 1 July was only K3,200 per viss, whereas the prices rose to K3,800 per viss on 6 September.
The domestic palm oil price is related to the international price. The oil traders said that it has risen because of the rise in the foreign currency exchange rate.
The palm oil price stood at US$1,035 per tonne in the foreign market in the first week of January. Then, the price rose to $1,200 per tonne from $1,180 per tonne.
However, Myanmar Edible Oil Dealers’ Association announced on 15 July statement that oil consumers should not have to worry about cooking oil.
The association is also cooperating with the relevant departments and organizations to maintain price stability, prevent market manipulation, import the palm oil from foreign countries for self-sufficiency, distribute the edible oil at a fair price to the consumers and ensure that there will be no edible oil shortage in regions and states when there is a rise in imported oil prices.
The association is attempting to prevent undesirable oil-related incidents in Myanmar due to the impact of a worldwide pandemic. Besides, efforts are being made to import cooking oil during public holidays, to carry out oil extraction with the relevant department to maintain business, sufficient supply of cooking oil in the oil tanks and to distribute cooking oil to the retailers and wholesalers.
The import volume of palm oil during the pandemic is adequate for the domestic market’s needs.
The association urged its member to have an adequate supply of oil during the pandemic.
The domestic consumption of palm oil is estimated at 1 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 from Malaysia and Indonesia. — NN/GNLM