Poster in May 18, 2025 13:04:25

Weak global palm oil demand has pushed down prices in the local market

Weak global palm oil demand has pushed down prices in the local market

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Market sentiment has remained bearish since January, resulting in a downward trajectory in local palm oil reference prices by K660 per viss. The CIF (Cost, Insurance, Freight) price of palm oil in Yangon, Myanmar, is influenced by the prices of crude palm oil in Malaysia and Indonesia, transport costs, tariffs, and banking service fees, according to the Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce.

The wholesale reference prices were issued every Monday on the website of the Consumer Affairs Department(www.doca.gov.mm) and the Facebook Page of the DOCA and Myanmar Edible Oil Dealers’ Association.

The wholesale reference rate of palm oil set for the Yangon market was set at K6,620 per viss for a week ending 18 May. Despite the reference price, the market price is way too high.

To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed consumers of lodging complaints for overcharging through the call centre hotline in late August. The department urges consumers not to buy palm oil at high prices.

The Committee notified that any person who is involved in price gouging and oil storage to attempt market manipulation will face legal action under the Essential Goods and Services Law.

The department is working together with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers.

The complaints for overcharging can be lodged over hotline 1535 of the call centre of the Consumers Affairs Department, or sent to the Facebook page of the department and the region and state departments concerned.

The domestic consumption of palm oil is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. About 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia to meet domestic demands. — NN/KK

Source: Online/OFA

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