YGN palm oil wholesale reference rate dips for week ending 26 May

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Vendors are arranging cooking oil for sale in the market.

The wholesale reference rate of palm oil for the Yangon market was set lower a bit to K5,200 per viss this week ending 26 May from K5,220 per viss ending 19 May, 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 transport costs, tariffs and banking services to decide the wholesale market reference rate for edible oil on a weekly basis.
Nonetheless, 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 the call centre’s hotline in late August. The department urged consumers not to buy palm oil at high prices.
The Committee notified that any person who is involved in raising price and hoarding oil storage to attempt market manipulation will face legal action under the Essential Goods and Services Law.
The department is working together with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers.
The complaints for overcharging can be lodged over hotline 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.
Oil dealers have to avoid sale of blended cooking oil for the sake of consumers not to face health problems triggered by unlimited adulteration of cooking oils in various types — NN/EM

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