THE wholesale reference rate of palm oil set for the Yangon market showed a steady decline of K230 per viss in the past four weeks, according to the Supervisory Committee on Edible Oil Import and Distribution.
The palm oil reference prices were K6,280 per viss recorded from 5 to 11 December, K6,140 for 12 to 18 December, K6,115 for 19-25 December and K6,050 for 19 to 25 December.
The Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce has been closely monitoring 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 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 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. 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 imported annually from Malaysia and Indonesia to meet domestic demands. — NN/KK
