Wholesale price of palm oil rebounds despite reference price, foreign supply

The wholesale reference rate of palm oil in the Yangon market for a week from 10 to 16 October 2022 fell to K3,880 per viss (a viss equals 1.6 kilogrammes), indicating a decrease of K140 per viss compared to that of the previous week. Nevertheless, the market price is still high in the wholesale markets, Ko Aung Ko, an edible oil seller at Nyaungpinlay market, told the Global New Light of Myanmar (GNLM).
On 15 October, the wholesale price of palm oil rebounded from a two-day fall of K6,100 to K6,300-K6,350 per viss, said Ko Aung Ko.
The retail price of palm oil was set at K6,150 per viss on 13 October, Ko Sein Win, a buyer involved in deep fried strip of dough, told the GNLM. On 15 October, four ships carrying palm oil docked at terminals of Thilawa Port and Yangon Port. More than 16,000 tonnes of palm oil were supplied at the oil tanks in the second week of October. The detailed info of the ship bearing the palm oil volume, the name of the vessel and terminals are publicly notified.
In September 2022, 28,038.755 tonnes of palm oil were imported. In the first week of October, 9,669 tonnes of palm oil were unloaded from the two ships. At present, the mobile market trucks offer the palm oil at the subsidized rate of K4,000 per viss for palm oil, K1,700 per pyi of rice (eight condensed-milk cans) and K175 per egg, said Daw Aye Than, a buyer in the morning of 15 October from Lanmadaw Township, told the GNLM.
The palm oil import was reduced by 30 per cent from October 2021 and the production of peanut, sesame and sunflower oil were promoted. It is also an attempt to minimize the outflow of foreign exchange. However, the market prices broke above K9,000 per viss and plunged to around K6,000 per viss frequently in the wholesale markets.
The traders have to closely observe the market due to the price fluctuations, said U Htay, a trader. The price of palm oil was up by approximately K10,000 per 18-litre jerry can (10 visses). In recent days, the price difference is around K6,500 per viss.
The wholesale reference price in Yangon touched the highest of K5,815 per viss in the third week of June 2022. Yet, the price dipped to K3,525 per viss in the first week of August following the decline in the market prices, according to the price data released by the official institution on Mondays.—TWA/GNLM

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