Palm oil price touches around K6,000 per viss in domestic market

The price of palm oil touched around K6,000 per viss (a viss equals 1.6 kilogrammes) in the domestic market.
The palm oil was priced at only K2,400 per viss at the end-January, but the price rose to K6,000 on 30 September, an increase of K3,600 per viss in the last eight months.
Myanmar Kyat depreciation against the US dollar is the main reason for the rising of palm oil prices, traders said.
Myanmar Edible Oil Dealers’ Association is making efforts to avoid a shortage of edible oil supply in the market, price stability and offering a reasonable price to the consumers.
In order to avoid a sharp rise in oil price due to the Kyat weakening in the local exchange rate market, the consumers can purchase the palm oil at the wholesale price of K3,700 per viss through the 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.
The retailers and wholesalers who can sell the palm oil to consumers with no more than two per cent profit can contact the association through 09444437295 and 09401527049. The location of the association is No.104/108, Strand Road, Lutlatyay ward, Ahlon township. They can also contact to Consumer Affairs Department, Yangon Region through 01-250270 and 0943666668.
Nevertheless, Myanmar Edible Oil Dealers’ Association announced on 15 July statement that oil consumers should not have to worry over the supply of cooking oil.
The association is also cooperating 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 attempting to prevent undesirable oil-related incidents in Myanmar due to the impact of a worldwide pandemic.
Moreover, 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 domestic consumption of edible oil is estimated at 1 million tonnes per year. The local cooking oil production is just about 400,000 tonnes and about 700,000 tonnes of cooking oil are imported annually from Malaysia and Indonesia to meet the domestic demand. — Nyein Nyein/GNLM