Palm oil price up by K8,000 despite fixed price at K5,725

Although the palm oil price is set at K5,727, the people have to buy at K8,000, according to the fried food industry.
The Ministry of Commerce announced that those who raise the palm oil prices, save the palm oil to manipulate the price and conduct any destructive elements must face legal action according to the Essential Supplies and Services Act.
The authorities announced the basic reference prices based on the FOB at K5,725 per viss of palm oil in Yangon between 30 May and 5 June, the buyers have to buy at higher prices, according to the fried food business people and housewives.
“The fixed palm oil price is just over K5,000. But it is about K8,000, actually. Officials should study the real situation and take action against those who manipulate the prices,” said Ma Aye Myint, fritter seller.
The ministry also controls the local palm oil prices to be fairer according to the global palm oil prices. They always watch the FOB prices of Malaysia and Indonesia daily and announce the reference prices by taking into account the needs regarding transport and banking charges.
“One fritter was K100 in the past but now it becomes K500 for four fritters. One Samosa (an Indian snack) is K100 and it is K500 for four and now for three as the oil price is high. We also pledge customers to give more fritters to them when the oil price drops,” said Daw Than Aye, a fritter seller.
At the market, the consumers have to buy the palm oil at nearly K8,000 per viss and the officials should scrutinize the situation, said the wives and fritter sellers. — TWA/ GNLM