Reference wholesale price set as K 4,430 per viss of palm oil

It was announced yesterday that it would take action under the Important Goods and Servic­es Act if the persons raise prices, illegally store goods and commit scams in the domestic market.

The Committee for the Su­pervision of the Import and Dis­tribution of Edible Oils under the Ministry of Commerce has issued a statement in a bid to manage the domestic palm oil prices.

Depending on the daily mon­itoring of FOB prices in Malaysia and Indonesia, transportation costs, bank expenses, and basic wholesale reference price to be traded in the local market are taken into account, including tax­es for setting the proper prices.

According to market and price in the world’s palm oil ex­porters this week, the committee has announced the basic Yangon Reference Wholesale Price of palm oil is K4,430 per viss within 30 January and 5 February.

These basic wholesale quotes are available on the De­partment of Consumer Affairs website: www.doca.gov.mm and on the Facebook page of the My­anmar Oil Traders and Oil Entre­preneurs Association. —MNA/ KZW