The Yangon wholesale reference price for edible oil has been set at 7,255 kyats per viss from January 20 to 26, according to the statement released by the Supervisory Committee on Import, Storage and Distribution of Edible Oil.
Compared to the 7,280 kyats per viss set for the past three consecutive weeks, this week’s price has decreased by 25 kyats.
The reference prices for edible oil are determined by monitoring the prices in Malaysia, the main producer and exporter of edible oil daily and calculating the reference prices for trading in the domestic market by adding transportation costs, bank charges, and taxes.
The authorities concerned have announced that action will be taken under the Essential Supplies and Service Law if edible oil is stored for the purpose of speculation, sold at high prices, or engaged in unfair activities in the domestic market. Some Yangon residents said that the price of edible oil in the market was more than 10,000 kyats for a viss.
