THE wholesale reference prices of palm oil set for the Yangon market stayed the same at K7,499 per viss this week ending 21 May, like that of last week, according to the Supervisory Committee on Edible Oil Import and Distribution.
The Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia, adding transport costs, tariffs and banking services to decide the wholesale market reference rate for edible oil weekly.
Despite the reference price, the market price is still 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 Myan mar 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.
Farmers across the nation, especially in central Myanmar, make concerted efforts to grown oil crops to be able to produce edible oil to meet the the local demand as much as possible. — NN/KK
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