YGN palm oil wholesale reference price falls at small pace

The wholesale reference rate of palm oil for the Yangon market was set for a second weekly fall to K5,140 per viss from 13 to 18 February, indicating a slight de­crease of K135 per viss compared to that (K5,275) of last week end­ing 12 February, according to the Supervisory Committee on edible oil import and distribution.


The reference price was set at K5,380 during the week ending 4 February.


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 palm oil con­sumption 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