The palm oil price outside Yangon was K8,400 per viss last week and the price fetched about K7,200 per viss this week on 20 June, according to the purchasers.
As the prices drop, the people who run the food-frying business save their costs.
Myanmar Edible Oil Dealers’ Association released the reference prices of palm oil at K5,815 per viss between 20 and 30 June.
The price was only K5,645 per viss between 13 and 19 June. The reference price in Yangon rose to K165 per viss within 10 days from 20 to 30 June.
The price was only K5,645 per viss between 6 and 12 June.
The palm oil export tax in Indonesia reduces to $200 per tonne instead of $375 per tonne by the end of July 2022.
The Indonesian government will collect the tax on palm oil at $240 per tonne starting 1 August. For such news, the palm oil in Malaysia declined to 370 ringgit per tonne on 20 June, according to data.
Between 13 and 20 June, the crude palm oil price was different by about MYR800 in Malaysia.
On 13 June, the price was MYR5,810 per tonne and MYR4,996 per tonne on 20 June, according to data.
It is K420.55 per MYR. In the foreign oil market, the palm oil price was $1,193 per tonne and declined to $1,172.15 per tonne on 20 June. The price showed a decline of $68.57 per tonne compared to the price on 17 June. One tonne of oil is equal to 620 visses.
The Yangon palm oil price was K2,785 per viss in 2021 and K1,585 per tonne on 20 June 2020.
Two oil vessels carrying 5,000 tonnes of oil each docked at Thilawa terminal on 10 and 13 June and one vessel carrying 4,300 tonnes of oil to Hteedan terminal on 17 June, according to merchants. — TWA/GNLM
