Palm oil wholesale reference price regains
January 03, 2023
The wholesale reference rate of palm oil in the
Yangon market has rebounded, according to the Supervisory Committee on edible
oil import and distribution.
The reference price stood at K4,470 per viss in
the week from 2 to 8 January, indicating an increase of K110 from last week’s
rate.
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 including transportation cost, tariff and
banking service, and issuing the wholesale market reference rate for edible oil
on a weekly basis.
Despite the reference price, the current market
price is too high.
If those edible oil retailers and wholesalers are
found overcharging, storing inventory intentionally and attempting unscrupulous
action to manipulate the market, they will face legal action under the Specific
Goods Tax Law, MoC released a statement.
The Ministry of Commerce is striving for consumers
not to worry over the supply of edible oil. The ministry is also trying to
secure edible oil sufficiency, supervise the market to offer reasonable prices
to the consumers and maintain price stability.
At present, mobile market trucks operated by oil
importing companies, in coordination with Myanmar Edible Oil Dealers’
Association, were back to business in some townships on 17 July in order to
offer palm oil at a subsidized rate. They sell palm oil at K4,700 per viss to
consumers directly. However, there are limited sources of supply although they
directly sell palm oil at a reference rate depending on the volume quota.
The domestic consumption of edible oil is
estimated at 1 million tonnes per year. The local cooking oil production is
just about 400,000 tonnes. To meet the oil sufficiency in the domestic market,
about 700,000 tonnes of cooking oil are yearly imported through Malaysia and
Indonesia. —NN/EMM
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