YGN palm oil rate set at K5,400 per viss this week

The wholesale reference rate of palm oil for the Yangon mar­ket rose slightly to K5,400 per viss this week ending 30 June from K5,370 recorded last week ending 23 June, according to the Supervisory Committee on edi­ble oil import and distribution.


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.


Despite the reference price, the market price is way too high.


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 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.


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.


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 yearly imported through Ma­laysia and Indonesia to meet domestic demands. — NN/EM