Palm oil prices stable in post-Thingyan period

The price of palm oil remained unchanged at some commodity depots in the post-Thingyan period despite the inflation of other commodities’ prices.
The prices of rice, onion, garlic and sugar went up after the Thingyan holidays, yet the price of palm oil was stagnant for five days, said a seller.
The wholesale market price of palm oil was K6,900 per viss on 21 March and K6,650-6,700 per viss on 6 April. Between 18 and 22 April, the prices hovered around K6,400 per viss.
The reference wholesale price for Yangon Region is set at K4,790 for the week ending 23 April and K4,545 for the week ending 8 April, showing an increase of K245 per viss.
The CIF price of palm oil at Yangon Port was US$1,032 in the first week of April and rose to $1,088 in the second week.
To ensure edible oil security in the market, 30,000 tonnes of palm oil were stocked in oil tanks on 1 April. Approximately 75,000 tonnes of palm oil were stored in the post-Thingyan period. The palm oil price usually rises owing to the difficulties in withdrawal from oil tanks, international palm oil prices and foreign exchange rates. The demand for palm oil in mid-April dropped. The wholesale oil prices stood at K12,500 for peanut oil and K11,000 for sesame oil in the third week of April 2023. — TWA/EM

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