Palm oil wholesale reference price dips this week ending 22 Jan

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Residents line up to buy palm oil at the reference price.

The wholesale reference rate of palm oil in the Yangon market is down by K90 this week ending 22 January compared to that of the previous week, according to the Supervisory Committee on edible oil import and distribution.
The reference price stood at K4,530 per viss in the week from 9 to 15 January. For the week ending 22 January, the price was set higher at K4,440 per viss. The figures showed a small decrease of K90 per viss.
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 transportation cost, tariff and banking service, and issuing the wholesale market reference rate for edible oil on a weekly basis.
Regardless of the reference price, the current market price is still getting high.
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 Specific Goods Tax Law, MoC released a statement.
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 in order to offer palm oil at a subsidized rate. They sell palm oil at K4,650 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/EMM

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