Palm oil price rockets up to K4,100 per viss

The price of palm oil touched a high of K4,100 per viss (a viss equals 1.6 kilogrammes), according to Myanmar Edible Oil Dealers’ Association.
On 1 July, the palm oil was priced only K3,200 per viss, whereas it soared to K4,100 on 21 September, showing an increase of K900 per viss in the past two months.
The local currency depreciation on the US dollar is the main reason for a price hike, traders stressed.
The association is striving for adequate edible oil supply, price stability and offering a reasonable price to the consumers.
To deal with the exorbitant price tracking the Kyat weakening in the local forex market, the consumers can purchase the palm oil at the wholesale price of K3,700 per viss through Myanmar Edible Oil Dealers’ Association. The volume of palm oil which will be sold at wholesale price is equivalent to the amount that the oil importer companies directly purchased the foreign currency from the Central Bank of Myanmar.
This scheme is to offer the fairer price to the consumers with a profit of less than two per cent. Starting from 20 September, those interested retailers and wholesalers can buy them through the contact numbers (09-444437295 and 09401527049) of the association located on Gangaw Road, Bayintnaung Wholesale Centre in Mayangon Township, Yangon.
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 a fair price to the consumers.
The domestic consumption of edible 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. — NN/GNLM