Palm oil wholesale reference price set at K4,860 per viss, price up by K700 against last week

9ki7eCrL 18
In spite of the reference rate, the traders are found to raise the price to K9,000 per viss in markets.

The wholesale reference rate of palm oil in the Yangon market is set at K4,860 per viss, indicating an increase of over K700 per viss compared to the previous week’s rate, according to the Supervisory Committee on edible oil import and distribution.
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 costs, tariffs and banking services, and issuing the wholesale market reference rate for edible oil on a weekly basis.
The reference rate of palm oil in the Yangon market for a week from 22 to 28 August is set at K4,860 per viss, whereas the reference price for a week ended 21 August was set at K4,140 per viss. The figures showed an increase of K720 per viss. However, the current market price is higher than the reference rate.
In spite of the reference rate, the traders are found to raise the price to K9,000 per viss in markets.
To tackle this, 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 K5,000 per viss to consumers directly. However, there are limited sources of supply although they directly sell the palm oil at a reference rate depending on the volume quota.
If those 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 the 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 a reasonable price to the consumers, maintain price stability and prevent market manipulation.
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/GNLM

Share this post
Hot News
Hot News
One of the most consumed, Nga-gyi-gan fish price higher in the market
Myanmar Rescue Organization provides water to insufficient areas and plans to continue to help
Putao to Mt Hponkanrazi climbing tour arranged in April to enjoy the greatest beauty with dense snow caps
Car rental for travelling recently increases, day trips around Yangon rise
Promoting yam eating culture in Myanmar to develop domestic market
SAC Chairman Commander-in-Chief of Defence Services Senior General Thadoe Maha Thray Sithu Thadoe Thiri Thudhamma Min Aung Hlaing delivers speech at 79th Anniversary of Armed Forces Day parade
Tatmadaw families led by Senior General Min Aung Hlaing and wife pay respect to retired senior military officers who attended 79th Anniversary of Armed Forces Day ceremony
SAC Chairman, senior military officers pay tribute at Memorial to Fallen Heroes in Nay Pyi Taw
Senior General: National Defence and Security Council to facilitate transition to democratically elected government
SAC Vice-Chairman Deputy Commander-in-Chief of Defence Services Commander-in-Chief (Army) Vice-Senior General Soe Win and wife pay respect to Independence Mawgun Award winners who will attend 79th Anniversary of Armed Forces Day Parade