Palm oil reference price for Yangon remains unchanged at K4,600 per viss

The wholesale reference rate of palm oil for the Yangon market stayed the same at K4,600 per viss for two consecutive weeks, according to the Supervisory Committee on edible oil import and distribution.
The reference price stood at K4,600 per viss in the week from 27 February to 5 March. For the week ending 12 March, the price remains unchanged.
The Supervisory Committee on edible oil import and distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia including transport costs, tariffs and banking services, and issuing the wholesale market reference rate for edible oil every week.
Despite the reference rate, the market price of palm oil is high at K6,000-K7,000 per viss.
If those edible oil retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Special Goods Tax Law, MoC released a statement.
The Ministry of Commerce is striving for consumers not to worry over the supply of edible oil. The ministry is also trying to secure edible oil sufficiency, supervise the market to offer reasonable prices to consumers and maintain price stability.
At present, mobile market trucks operated by oil importing companies, in coordination with Myanmar Edible Oil Dealers’ Association, were back to business in some townships on 17 July to offer palm oil at a subsidized rate. They sell palm oil at K4,800 per viss to consumers directly. However, there are limited sources of supply although they directly sell palm oil at a reference rate depending on the volume quota.
The domestic consumption of edible oil is estimated at 1 million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia. — NN/EM

Share this post
Hot News
Hot News
Up to 360 Japanese companies to recruit more than 1500 Myanmar workers
It is better returning license if agencies unable to do their functions, Safe Migration warns
Construction of Great Poet Shin Maha Ratthasara’s mausoleum almost complete, entrance road to be built
Meat production should focus on frozen and dried products
Meiktila possesses chances to export surplus products to domestic and foreign markets
Weekly Roundup
Tatmadaw regains control of Pa-O Self-Administered Zone, Kayah State after raid by PNLO, PDF terrorist groups
MAI plans Yangon-Vientiane flights on 25 June
MMPO to present cash assistance to offspring for 2024-2025AY
Five new basic education, industrial, agri and livestock High Schools open in Mandalay