The wholesale reference price of palm oil at the Yangon market from May 19 to 25 has been set at 6,525 kyats per viss, based on market and price developments in the world’s largest palm oil producing countries, the Edible Oil Import, Storage and Distribution Supervision Committee has announced.
The price of palm oil imported into Myanmar under the CIF system from Indonesia and Malaysia, which are the main palm oil producing countries, has been continuously falling since January, and the domestic reference price per viss has also fallen by Ks.755 during the four-month period. The statement said that in order to meet domestic demand, palm oil imports from abroad are being regulated to generate domestic prices based on price fluctuations in palm oil producing countries.
In addition, hoarding palm oil for speculative purposes in the domestic market and any price increase or fraudulent activity will be taken action under the Essential Goods and Services Act. In addition, under the supervision of the Yangon Region Palm Oil Door-to-Door Distribution Committee, the palm oil door-to-door distribution program is being implemented for the consumers.
