Palm oil price set at K5,645 this week

5JXg9XzV 14

The reference palm oil price was set at K5,645 per viss between 6 and 12 June, according to the statement of the supervisory committee on edible oil import and distribution.
Officials released the reference rate to control the palm oil price rising. They set the basic reference rate at more than K5,000 based on the FOB prices of Malaysia and Indonesia by calculating the transport charges, bank rate and taxes.
During this week, the palm oil price declined in global oil-producing countries more than the previous week, and so the wholesale prices of the supervisory committee also drop.
The local retail oil price rose to nearly K9,000 per viss when the reference prices were not released and now the price is nearly K7,000 per viss, according to the retail outlet.
If the people are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Services Act. — TWA/GNLM

Share this post
Hot News
Hot News
MSMEs should supply high-quality raw materials to Thilawa SEZ
Myanmar Maternal and Child Welfare Association supports Ministry of Health
Myanmar discusses Portability of Social Security Benefits for Migrant Workers
2024 Inter-State/Region Sepak Takraw Championship opens in Nay Pyi Taw
Traditional costumes of 8 major national races to be standardized
MoHT Union Minister receives Bangladeshi Ambassador
National committee on resettlement and camp closure holds coordination meeting 1/2024
School enrolment week starts in Mandalay
Yangon starts school enrolment week for 2024-2025 academic year
False reports by Shwe Phee Myay News Agency debunked; security forces assist in rehabilitation efforts