YGN palm oil reference rate dips to K6,720 per viss this week

 

THE wholesale reference rate of palm oil for the Yangon mar­ket was reduced to K6,720 per viss this week ending 6 Oc­tober, down from K6,850 re­corded last week ending 29 September 2024, 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 hot­line in late August. The depart­ment urges 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/KK