Rising domestic peanut oil prices drop to K14,500 per viss

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Containers of cocking oil are seen in production belt of an oil mill.

According to Mandalay bean traders, the price of peanut oil for domestic consumption in the Mandalay market decreased to K14,500 per viss these days.
The decrease in peanut oil prices is due to the arrival of peanuts from Rakhine, Pyay, Pakokku, Yesagyo, Kyaukpadaung, Nay Pyi Taw, Tatkon and Pyinmana in the Mandalay market. Last month, the price of domestically consumed peanut oil was as high as K18,000 per viss, but currently the price significantly dropped to K14,500 per viss.
At present, the prices of peanut oil for domestic consumption are falling again in the market. The price decrease is due to the release of peanuts from all over Myanmar. In the past few days, peanut and oil prices rose. Red peanut went from K10,000 to K7,900 per viss.
The price of white peanut decreased from K8,500 to K6,500 per viss. The price of peanut is only K6,000. The price of pure peanut oil has decreased from K18,000 to K14,000 for one viss. From the point of view of consumers, it is good news that oil prices have come down from a high point. Due to the increase in bean production, it is predicted that the price of oil will not rise further. The exchange rate between the Myanmar kyat and the Chinese yuan has also decreased, according to U Soe Win Myint, owner of Soe Win Myint Depot in Mandalay.
As the price of peanut oil is falling in the market, farmers and traders need to be fully supported to maintain the current price.
These days, peanuts are entering the Mandalay market from all over the country. The groundnut is grown as a major crop in Mandalay, Sagaing, Magway and Ayeyawady regions not only for domestic consumption but also for export.
At the same time, the price of chickpeas, which is widely consumed in the country, has dropped from K280,000 to K255,000 for a bag of three baskets, and the price of raw chickpeas has also dropped from K7,000 to K5,800 for one viss, as stated by the traders. — Min Htet Aung (Mandalay Sub-printing House)/KZL

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