Palm oil reference price spirals down again in Yangon market

According to the Supervisory Committee on Import, Storage and Distribution of Edible Oil, the reference price of palm oil in Yangon has declined by K100 per viss compared to the previous week.
The reference price for palm oil in Yangon was set at K5,465 per viss last week (from 13 to 21 April). However, the price has been reduced to K5,340 per viss this week (from 22 to 28 April). Therefore, the palm oil reference price in Yangon this week has been reduced by K125 than that of the previous week.
The Supervisory Committee on Import, Storage and Distribution of Edible Oil has been regulating to maintain the price stability in the domestic market in accordance with the changing global palm oil price. It makes the palm oil wholesale reference price for the public.
Although the committee established the reference palm oil price, it is observed that the market price is higher than it. Therefore, the committee has notified that those who sell with unreasonably high prices or those who keep the oil to play the market price shall be charged as per the provisions prescribed by the Essential Supplies and Services Law.
Department of Consumer Affairs of the Ministry of Commerce is making an effort to decline the palm oil price and thus, notified the public not to buy from the shops selling at high prices and to inform the department via call centre 1535 or the Facebook page of the department. — NN/TMT

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