YGN palm oil wholesale reference price set to decline this week

 

The wholesale reference prices of palm oil set for the Yangon market indicated a steady decline to K7,300 per viss this week ending 18 June, according to the Supervisory Committee on Edible Oil Import and Distribution.

The reference prices were registered at K7,354 last week ending 11 June, K7,423 in the previous week ending 28 May and K7,387 last week ending 4 June.

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 still 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 attempting 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.

Although farmers cultivate oil crops such as groundnut, sesame, sunflower and others but these connot meet demand of local consumption yet. About 700,000 tonnes of palm oil are annually imported through Malaysia and Indonesia to meet domestic demands.

NN/KK

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