Some brokerage houses in the Bayintnaung market have resumed selling palm oil at the retail reference price, leading to daily queues of people eager to purchase it. However, U Win Soe from Yaytama Road mentioned that the queues had disappeared for several months due to a slight price difference between the retail reference price and the market price of palm oil.
In the Yangon edible oil market, the price of palm oil, which started at K6,400 per viss in early July 2023, suddenly increased on 9 July. The retail price surpassed K7,500 per viss on 10 and 11 July. As a result, large crowds have once again formed, lining up to buy palm oil at the retail reference price from mobile trucks and brokerage houses.
Furthermore, imported oil is currently priced at $875 per tonne, and there have been ongoing oil imports from abroad. Retail outlets in the Bayintnaung market are reportedly facing challenges in purchasing palm oil.
While the availability of palm oil at retail reference prices has returned to the Bayintnaung market, benefiting those working in Bayintnaung and some residents of Hlinethaya Township, oil dealers remain cautious about potential profit losses. The price of palm oil is highly volatile, often reaching approximately twice the reference wholesale price. — TWA/ CT