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

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