Reply to thread

Message: [QUOTE="Munyaradzi Mafaro, post: 51651, member: 636"] Palm oil prices have crashed to their lowest point in six months, hitting K6,030 per viss as global markets continue their downward spiral. The Supervisory Committee on Edible Oil Import and Distribution reported a massive K1,250 plunge during the week that ended July 13. Myanmar depends heavily on imported edible oil as domestic demand keeps growing year after year. Weak international palm oil markets have hammered local reference prices since the beginning of 2025. The committee tracks these dramatic price swings by watching FOB rates from Malaysia and Indonesia before calculating final wholesale costs. Officials slash K1,250 from palm oil reference rates as international markets tumble further into decline. January saw wholesale prices start at K7,280 per viss before crashing to current levels by mid-July. The committee adds transport expenses, tariffs, and banking fees to determine weekly reference rates for the wholesale market. Every Monday brings fresh price announcements through the Department of Consumer Affairs website and various Facebook pages. Myanmar Edible Oil Dealers Association also spreads these official rates to traders across the country. Consumers face sky-high market prices despite government efforts to keep reference rates affordable for ordinary families. The Consumer Affairs Department urges people to report overcharging through their dedicated hotline service. Anyone caught manipulating prices or hoarding oil supplies will face prosecution under the Essential Goods and Services Law. Officials work alongside the Myanmar Oil Dealers Association and importing companies to bring down consumer costs. Complaints about price gouging can reach authorities through hotline 1535 or regional Facebook pages. Myanmar gobbles up one million tonnes of palm oil annually while local farms produce just 400,000 tonnes. The country imports roughly 700,000 tonnes from Malaysia and Indonesia to fill the massive gap in domestic supply. [/QUOTE]

Name