According to the Supervisory Committee on Edible Oil Import and Distribution, the wholesale reference rate of palm oil for the Yangon market was set for the second consecutive weekly high.
The reference rate for the week ending 4 February 2023 was set higher at K5,380 per viss compared to K5,250 per viss registered last week (22-28 January) and K4,955 per viss for the week ending 21 January.
The figure reflected an increase of K105 per viss compared to the previous week.
The Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce has closely observed the FOB prices in Malaysia and Indonesia, adding transport costs, tariffs and banking services to decide the weekly wholesale market reference rate for edible oil.
Nevertheless, the market price is way 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 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. To meet the domestic demands, about 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia. — NN/ EM
