Yangon palm oil wholesale reference price sees upward trend

THE wholesale reference rate of palm oil set for the Yangon market edged up to K6,985 per viss this week ending 23 April, up from K6,735 per viss record­ed last week, according to the Supervisory Committee on Edi­ble Oil Import and Distribution.

The rise in palm oil price was attributed to a sharp drop in the palm oil output in major producing countries starting from January 2026, strength­ening Malaysia Ringgits, In­donesia’s tax hike in palm oil export from 10 per cent to 12.5 per cent starting from 1 March, low global stock levels in palm oil reserve situation with tight supplies dropping to 19 per cent in 2025-2026 Financial Year from 20 per cent, pushing the FOB price in the producing countries, the Department of Consumer Affairs speculated the market price.

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 weekly. Despite the reference price, market rates remain high. To curb overcharging, the Con­sumer Affairs Department under the Ministry of Com­merce announced in late Au­gust that consumers can lodge complaints via its call centre hotline. The department also urged the public not to pur­chase palm oil at inflated pric­es.

The committee warned that those engaged in price gouging or hoarding oil to ma­nipulate the market will face legal action under the Essen­tial Goods and Services Law. The department is working with the Myanmar Oil Deal­ers’ Association and the cook­ing oil importers to ensure imported palm oil is sold to consumers at affordable rates. Complaints about overcharging can be filed through the Con­sumer Affairs Department’s call centre hotline 1535 or via its Facebook page, as well as through the relevant regional and state departments.

The domestic consumption of palm oil is estimated at one million tonnes per year. Farm­ers and businesspersons are striving to meet the demand of people for oil consumption by growing oil crops and engaging in oil palm farms. — NN/KK