Palm oil price plunges to K4,400 per viss

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The price hit a record high of K5,000 per viss in late September, whereas it fell to K4,450 per viss. It shows a decrease of K500 per viss within a month.

The price of palm oil plummeted to K4,400 per viss (a viss is equal to 1.6 kg) at present, following the Kyat revaluation on the US dollar in the local forex market, according to the domestic market.
The price hit a record high of K5,000 per viss in late September, whereas it fell to K4,450 per viss. It shows a decrease of K500 per viss within a month.
The drop in palm oil price is related to the Kyat appreciation against the US dollar. A dollar was valued at around K1,800 at present, whereas it hit an all-time high of over K3,000 per dollar in late September.
To tackle price high in the palm oil sector tracking the dollar gains, the total volume of palm oil that was sold at the subsidized price (K3,700 per viss) is equivalent to the amount that the oil importers directly purchased the foreign currency from the Central Bank of Myanmar.
Those retailers and wholesalers who can resell the palm oil to the consumers with a gross profit of less than two per cent can come and buy them 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).
Under the plan of the Myanmar Edible Oil Dealers’ Association, palm oil is sold at K3,800 with the mobile market trucks at present.
Additionally, the association notified the consumers not to worry 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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