Yangon’s palm oil reference prices decline by K1,165 per viss

The Yangon’s palm oil reference price between 11 and 17 July was set at K4,650 per viss, according to the Committee for the Supervision of the Import and Distribution of Edible Oils.
Between 1 and 10 July, the government did not release Yangon’s palm oil reference and announced on 20 June at K5,815 per viss for 20-30 June, an oil seller said. The foreign palm oil price drastically declined and the local prices of Yangon dropped by K1,165 per viss within 11 days.
The Yangon’s palm oil reference price was K5,645 per viss between 13 and 19 June.
The fuel reference prices and cooking oil reference prices declined significantly starting the first week of July.
The foreign palm oil price was $1,438.39 per metric ton on 9 June while $1,107.75 on 30 June and only $980.31 on 5 July, according to data. The oil price outside Yangon was K6,200-6,300 per viss in the end of June and K8,000-8,200 on 4 July, said seller Ko Oo from Nyaungbinlay market.
The price was about K8,000 within a week and the reference price dropped by about K1,100 on 11 July and the outside price reached below K8,000 per viss.
The oil purchased at K5,815 per viss can be withdrawn now and the outside prices can continue to decline, the oil dealer said.
Especially, the people who run frying businesses and buy at K4,650 per viss are expecting the prices to decline for their daily procurement.— TWA/GNLM