The wholesale reference price for palm oil in the Yangon market has fallen to 6,355 kyat per viss for the current week. This official rate is determined by the Supervisory Committee on Edible Oil Import and Distribution, which calculates costs based on FOB prices from Malaysia and Indonesia plus additional charges for transport and tariffs. Despite this established rate, actual market prices remain elevated.
Authorities have warned that legal action will be taken against businesses engaged in price gouging or hoarding oil, citing the Essential Goods and Services Law. The Consumer Affairs Department is collaborating with trade associations and importers to provide affordable palm oil and is encouraging consumers to report overcharging through its hotline and social media channels.
Myanmar's domestic palm oil consumption significantly outpaces local production, requiring annual imports of approximately 700,000 tonnes to meet the national demand of one million tonnes.
Authorities have warned that legal action will be taken against businesses engaged in price gouging or hoarding oil, citing the Essential Goods and Services Law. The Consumer Affairs Department is collaborating with trade associations and importers to provide affordable palm oil and is encouraging consumers to report overcharging through its hotline and social media channels.
Myanmar's domestic palm oil consumption significantly outpaces local production, requiring annual imports of approximately 700,000 tonnes to meet the national demand of one million tonnes.
