The wholesale reference rate of palm oil for the Yangon market is set a bit higher to K5,180 for this week ending 3 March from K5,140 per viss recorded in the past two weeks, according to the Supervisory Committee on edible oil import and distribution.
The figures reflected a slight increase of K40 per viss compared with that of the previous week.
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. However, the market price is higher than the reference price. 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 Department is making concerted efforts to steer the high volatility in palm oil prices in the retail market and offer fairer prices to consumers in coordination with the Myanmar Edible Oil Dealers Association and oil importing companies.
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 imported yearly through Malaysia and Indonesia to meet domestic demands. — NN/EM
