The Supervisory Committee on Import, Storage and Distribution of Edible Oil under the Ministry of Commerce has been closely observing the FOB prices in Malaysia including transportation cost, tariff and banking service charges, and issuing the wholesale market reference rate for edible oil on weekly basis.
According to market condition and prices in the world's palm oil producing and exporting countries during this week, the reference prices of palm oil in the Yangon market is announced at Ks 4,955 per Viss for the period from 1 January 2024 to 7 January 2024.
If those retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will be taken by legal action under the Essential Goods and Services Law.
The palm oil reference prices can be found on Department of Consumer Affairs’ website: www.doca.gov.mm, its Facebook page and the Facebook page of the Myanmar Edible Oil Dealers’ Association.