According to oil traders in Yangon, there are five different oil prices in the Yangon palm oil market.
On 17 March, the palm oil wholesale price at the Nyaungpinlay Market in Lanmadaw Township was K6,050 per viss but each regular customer was sold only a limited number of barrels. Another wholesale outlet sold it at K6,800-K6,850 per viss while two oil outlets from Bayintnaung depot traded at K6,350-K6,750 per viss to their consumers, oil resellers told the Global New Light of Myanmar (GNLM).
Oil traders have started storing palm oil these days as the Thingyan holidays are approaching and this has given rise to different selling prices in the Yangon oil market.
Although it was said in early March that the delivery price of palm oil was expected to reach K6,000 per viss, it didn’t happen until two weeks later. The current wholesale price of palm oil was K6,600, K6,700 and K6,800 per viss in the Yangon oil market. The Mandalay oil market also saw a wholesale price of around K7,000 per viss.
Although there are no visible changes in the foreign oil price, oil import and currency exchange rate, the wholesale price of palm oil went up to around K7,400 per viss in the Yangon market. Those who purchased palm oil in advance with a price of more than K7,000 per viss faced losses when the price dropped down below K7,000 per viss.
People are saying in the oil market that if authorities take effective measures against those who do not sell palm oil according to the wholesale reference price published weekly, selling at a higher price of around K2,000 per viss than the wholesale reference price in the Yangon market will decrease, and more and more oil sellers will get to know the actual prices on a daily basis. — TWA/CT