YGN Palm Oil Reference Rate Set at K7,250 This Week

The weekly wholesale reference rate of palm oil for the Yangon market ending on December 22 decreased slightly to K7,250 per viss compared to K7,255 the previous week.
The Supervisory Committee on Edible Oil Import and Distribution, part of the Ministry of Commerce, closely monitors FOB prices in Malaysia and Indonesia, factoring in transport costs, tariffs, and banking services to determine the wholesale market reference rate for edible oil weekly.
Despite this set reference price, the market price remains high, prompting the Consumer Affairs Department under the Ministry of Commerce to encourage consumers to report overcharging by calling their hotline established in late August. They advise consumers against purchasing palm oil at inflated prices.
In efforts to combat price gouging and potential market manipulations, the Committee has warned that individuals engaging in such practices will face legal repercussions under the Essential Goods and Services Law.
Collaboration between the Consumer Affairs Department, the Myanmar Oil Dealers’ Association, and cooking oil importers aims to provide consumers with more affordable rates on imported palm oil.
To report instances of overcharging, consumers can utilize the hotline by dialing 1535 or submit complaints through the Department’s Facebook page and respective regional and state departments.
Annually, domestic palm oil consumption in Myanmar reaches approximately one million tonnes, whereas local production stands at about 400,000 tonnes. The remaining demand is supplied by the import of around 700,000 tonnes of palm oil from Malaysia and Indonesia each year.