Myanmar: Yangon palm oil wholesale reference rate slips

The wholesale reference rate of palm oil set for the Yangon market decreased to K6,700 per viss for the week ending 11 May from K6,735 per viss in the previous week (28 April to 4 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 weekly.

Despite the reference price, the market price is way too high.

To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed consumers of lodging complaints for overcharging through the call centre hotline in late August. The department urges consumers not to buy palm oil at high prices.

The Committee notified that any person who is involved in price gouging and 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.

Complaints for overcharging can be lodged over the call centre’s hotline 1535 of the Consumers Affairs Department or sent to the Facebook page of the department and the region and state departments concerned.

The domestic palm oil consumption is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. About 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia to meet domestic demands.

Tags: Myanmar, consumption, Yangon market, Indonesia, prices, Malaysia, palm oil