Palm oil price spikes despite arrival of around 75,000 tonnes of imported oil

The delivery order (DO) price of palm oil is still high even with the massive arrival of imported oil before Thingyan holidays, according to the oil dealers.
There are around 30,000 tonnes of imported oil in the edible oil tanks in Thilawa and Yangon region till 1 April. According to the oil market reports, eight oil tankers carrying 35,000 tonnes of edible oil, and two more oil tankers loading 11,000 tonnes of palm oil, will dock at the ports before and after the Thingyan holidays respectively.
The DO price of palm oil still stood at K6,400-K6,450 per viss on 1 April due to various reasons.
In the same period of previous year when there is a regular import of edible oil, one tonne of imported oil was priced at US$1,749 with the exchange rate of K2,038. The base price per viss was K5,417 and the reference wholesale price was K5,525 per viss.
It is reported that the relevant authorities are checking whether palm oils are being stored or distributed with the intention of manipulating the palm oil price.
With around 70 small mobile market trucks, the amount of edible oil that can be sold to consumers daily at the reference retail price in the townships of Yangon can be around 2,000 tonnes.
According to an oil dealer, most of the consumers still have to purchase edible oil at a price of K2,000 per viss more than the retail reference price. — TWA/CT