Palm oil is being distributed to sellers across various townships in the country at a wholesale reference rate, allowing them to offer it at a retail reference rate.
During August, there was an increase in palm oil sales to consumers at the retail reference rate in the Yangon oil market. For instance, on 13 September, palm oil was sold at a retail reference price of K4,750 per viss on Mahabandula Road (near Phonegyi Road) in Lanmadaw Township. Daw Aye Myint, a resident of Lanmadaw Township, mentioned that there were long queues of people eager to purchase the oil.
Residents living near the oil shops reported that people had started lining up to buy oil as early as 5 am in front of some oil shops in Lanmadaw Township. From 11 to 17 September, the palm oil index price stood at K4,524 per viss, representing an increase of K364 compared to the previous week.
According to the latest price calculation notice, the CIF (Cost, Insurance, and Freight) price for one tonne of palm oil at Yangon port is US$969, with an average exchange rate of K2,513. The base price for one viss is K4,437. In Yangon, reference palm oil was sold at K4,400 per viss last week, but this week it is being sold at K4,750.
It’s worth noting that 12,000 tonnes of oil arrived from abroad in the first week of September. U Myint Lwin, an oil trader in the Myingyan district township, informed GNLM that the new reference price in the villages for this week in September was K4,910 per viss. — TWA/KZW