Palm oil prices rocket to new high in edible oil markets

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Residents are seen queuing to buy palm oil at subsidized rates through MEODA’s mobile market.

The prices of palm oil hit a peak of K10,000 per viss (a viss equals 1.6 kilogrammes) in the Yangon wholesale market on 17 August 2022, Ko Aung Tun, a trader from the Nyaungpinlay market told the Global New Light of Myanmar (GNLM).
Similarly, the prices of palm oil were estimated at K130,000 per 18-litre jerry can (10 visses). The wholesale prices of palm oil stood at K8,600 per viss last week. Shortly thereafter, the prices gradually rose to K9,400 per viss on 15 August, K9,700 per viss on 16 August and K10,000 per viss on 17 August, said Ko Myo, a trader who delivers the goods to the areas outside Yangon Region.
When the palm oil price spiked, the wholesale price of peanut was priced at K14,000-15,000 per viss on 18 August 2022. During the year-ago period last year, the edible oil prices were registered at K7,000 for peanut oil and K3,640 for palm oil. On 18 August 2020, peanut oil was valued at K6,500 per viss and palm oil fetched K1,775 per viss in the wholesale market.
A buyer Ma Than Win from Sanchaung Township told the GNLM that I purchased palm oil at K4,500 per viss and peanut oil at K5,500 per viss from Yenanchaung town in November 2021.
However, after nine months, the price reached the high of K10,000 per viss of palm oil and K14,000-15,000 per viss of peanut oil. There is still a large gap between palm oil and peanut oil, a seller Ko Nay Lin elaborated on market prices to the GNLM.
It is difficult to buy palm oil at the Nyaungpinlay market. A deep-fried dough stick vendor named Ko Win Sein reported that as the wheat price is also higher, I sell a dough stick at K250 for now. I will raise the price in need depending on the prices of the ingredients. – TWA/GNLM

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