The wholesale reference rate of palm oil for the Yangon market remained unchanged for this week ending 25 February to K5,140 per viss like that of the previous week ending 18 February, according to the Supervisory Committee on edible oil import and distribution.
The Supervisory Committee on edible oil import and distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia, adding transportation cost, tariff and banking service to decide the wholesale market reference rate for edible oil on a weekly basis.
However, the market price is higher than the reference price.
To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed the consumers of lodging the complaints for overcharging through Call Centre’s Hot Line in late August. The department urged the consumers not to buy the palm oil at high price.
The department is making concerted efforts to steer the high volatility in palm oil prices in the retail market and offer fairer prices to the consumers, in coordination with Myanmar Edible Oil Dealers Association and oil importing companies.
The complaints for overcharging can be lodged over Hot Line: 1535 of the Call Centre of the Consumers Affairs Department or sent to the Facebook Page of the department and the region and state departments concerned.
The domestic consumption of palm oil is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. To meet the domestic demands, about 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia. — NN/EM
