Reference palm oil price remains at K 5,645 per viss as last week

The reference palm oil price was set at K 5,645 per viss between 13 and 19 June, the last week, according to the statement of the supervisory committee on edible oil import and distribution.
The price is unchanged from last week because of the stable price in the world’s palm oil-exporting countries. The basic reference rate is set based on the FOB prices of Malaysia and Indonesia by calculating the transport charges, bank rate and taxes.
If the people are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Services Act. — TWA/GNLM