THE wholesale reference rate of palm oil for the Yangon market rose slightly to K5,370 per viss this week ending 23 June from K5,365 recorded last week ending 16 June, 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.
Despite
the reference price, the market price is way too high.
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 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.
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. About 700,000
tonnes of palm oil are yearly imported through Malaysia and Indonesia to meet
domestic demands.
NN/EM
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