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US$12 million worth of over 9,000 tonnes of palm oil sold at fairer prices

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Under the plan of the Myanmar Edible Oil Dealers’ Association, palm oil was early sold at K3,800 per viss (a viss equals 1.6 kilogrammes) with the mobile market trucks. Then, the price has slightly risen to K4,350 per viss starting from 9 November.

The Consumer Affairs Department under the Ministry of Commerce stated that more than 9,000 tonnes of palm oil, with an estimated value of US$12 million, have been sold at the subsidized price, in coordination with Myanmar Edible Oil Dealers’ Association.
More than 8,000 tonnes of palm oil have been distributed to the wholesalers in Yangon Region, while over 200 tonnes each in Mandalay and Magway, over 180 tonnes in Sagaing, over 100 tonnes in the Bago region, over 70 tonnes in Nay Pyi Taw, over 50 tonnes each in Shan and Mon states and Taninthayi Region have been sold. The wholesalers and retailers must also resell them to the consumers with a gross profit of less than 2 per cent.
Under the plan of the Myanmar Edible Oil Dealers’ Association, palm oil was early sold at K3,800 per viss (a viss equals 1.6 kilogrammes) with the mobile market trucks. Then, the price has slightly risen to K4,350 per viss starting from 9 November.
The Ministry of Commerce, in coordination with Myanmar Edible Oil dealers’ Association, purchased $19 million at the reference rate of the Central Bank of Myanmar for the edible oil sector and distributed 16,000 tonnes (7.87 million visses) at the wholesale price of K3,700 per viss in September.
Over the past two months, over 25,000 tonnes of palm oil were sold, which is equivalent to $31 million that the oil importers directly purchased at the reference rate from the CBM.
The association is also making concerted efforts with the organizations concerned and the related departments to secure the edible oil sufficiency and offer a reasonable price to the consumers, as per the statement.
The association is trying not to occur unnecessary issues regarding edible oil amid the global pandemic impacts.
Myanmar Edible Oil Dealers’ Association is attempting to maintain price stability, prevent market manipulation, import palm oil from foreign countries sustainably for self-sufficiency and distribute the edible oil at a fair price to the consumers.
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 self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported. — NN/GNLM

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