Palm oil prices decline by K985 per viss


The palm oil price dropped by K985 per viss during one week, according to reference prices. The prices in foreign countries also drastically declined and the local prices dropped.
The authorities announced the basic reference at K3,665 per viss in Yangon between 18 and 24 July. The price was K4,650 per viss 11-17 July, K5,815 per viss 20-30 June, and K5,645 per viss 13-19 June. The prices were not announced from 1 to 10 July. The prices dropped K985 per viss and to K2,150 in mid-month.
Indonesia has cut the export levy to zero from $200 for all palm oil products until 31 August. They will continue collecting a $288 tax for CPOs. The remaining amount of palm in that country is 7.23 million tonnes in May. The foreign palm oil price was $1438.39 per metric ton on 9 June, $980.31 on 5 July and $901.95 on 13 July.
On 16 July, the price was about K7,000 per viss outside Yangon. The outside wholesale prices are higher and the retailers have to buy at high prices, said the buyers.
The oil import companies cooperated with the relevant organizations and sold oil at K4,750 per viss in 11 townships of Yangon Region using 16 trucks on 17 July.
They will sell the oil as per the reference prices.
The country imported 563,293 tonnes of palm oil in the 2015-2016FY, over 600,000 tonnes in 2016-2017FY and only 800,000 tonnes in the 2020-2021FY. — TWA/GNLM

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