US$19 million worth of over 16,000-tonne palm oil to be sold at fairer prices

LOCAL NEWS

The Consumer Affairs Department under the Ministry of Commerce stated that more than 16,000 tonnes of palm oil, with the estimated value of US$19 million, will be sold at fairer prices, in coordination with Myanmar Edible Oil Dealers’ Association.
The volume of palm oil that was sold at the subsidized price starting from 20 September is equivalent to the amount that the oil importers directly purchased the foreign currency from the Central Bank of Myanmar.
“The palm oil sector is entitled to buy the foreign currency ($19 million) at the reference rate of the Central Bank of Myanmar. The palm oil is set to be distributed to K3,700 per viss (a viss equals 1.6 kg). About 16,136 tonnes of palm oil which is equivalent to $19 million. The Consumer Affairs Department sells them directly at the fairer price,” said an official of the department.
The department stated that over 10,000 tonnes of palm oil were distributed to the wholesalers and retailers at fair prices of K3,700 per viss (a viss is equal to 1.6 kg) between 20 September and 11 October 2021.
This plan proceeded to Mandalay, Magway, Sagaing and Bago regions and Shan State. The wholesalers and retailers must also resell them to the consumers with a gross profit of less than two per cent.
“The palm oil is distributed at K3,700 to the wholesalers. The retailers must sell them with a maximum profit of two per cent. Those shops in regions and states other than Yangon might set the price at K3,800-3,900 per viss due to the transportation costs. About 10,000 tonnes have been sold and 6,000 tonnes are left to be distributed. This plan will continue depending on the government subsidy. The CBM is steering the currency value in all possible ways. If the exchange rate on US dollar falls again, the oil price will go back to normalcy,” said an official of the Consumer Affairs Department.
Under the plan of the Myanmar Edible Oil Dealers’ Association, palm oil is sold at K3,800 with the mobile market trucks at present.
Those wholesalers and retailers who want to buy them can come and buy at the association’s office located at No 104/108 on Strand Road, Ahlon Township through the contact numbers (09444437295 and 09401527049 of the association and 01250270, 0943666668 of the Yangon Region Consumer Affairs Department.
The price of palm oil hit a peak of above K5,000 per viss in the market, the association stated.
The price hike is attributed to the depreciation of the local currency in the forex market, traders stressed.
Additionally, the association notified the consumers not to worry over the supply of the edible oil on 15 July.
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 during 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 one 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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