Palm oil reference price declines following high import

The palm oil inflows from importing countries these days have risen when the foreign oil price stood at US$800 per tonne on 11 October, resulting in wholesale reference price reduction.
About 15,000 tonnes of palm oil in early October and 14,000 tonnes on 11 and 12 October were imported respectively.
The wholesale reference price was set lower to K4,340 per viss in the second week from K4,390 in the first week of October. The foreign palm oil price dipped to $825 per tonne on 4 October and $812.5 on 9 October from $832.5 per tonne on 29 September.
Some importing companies sell the cooking oil to some big stores where the oil is distributed to the small stores at K4,600 per viss in Yangon, K4,700 in Nay Pyi Taw, K4,950 in Mandalay, K4,800 in Pathein/Magway and K5,000 in Monywa. The peanut oil prices move in the range between K12,500 and K16,000 per viss.
Daw Sein Sein, a seller from Myingyan said that palm oil was sold at K5,000 per viss as she was allowed to buy three barrels of oil six times from the district association concerned in September and October.
Meanwhile, an 18-litre jerry can of palm oil was sold at K85,000-90,000 depending on the brands. — TWA/KK