Despite the FOB price dip, the wholesale reference price for palm oil is set higher this year than last year amid the kyat depreciation against the US dollar.
The wholesale reference price in February 2023 moved in the range between K4,310 and K4,600 per viss. The wholesale price in February 2024 inched higher to K5,180-K5,380 per viss in February 2024.
The FOB price for palm oil was US$870 per tonne on 26 February 2024, which decreased from $970 per tonne on 28 February 2023. The palm oil market price hit K7,000-K7,400 per viss in late February 2023. This year, there is access to buy palm oil at reference prices in each region and state, driving the market price to drop compared with that of last year.
TWA/KK
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