THE wholesale reference rate of palm oil set for the Yangon market edged up to K6,985 per viss this week ending 23 April, up from K6,735 per viss recorded last week, according to the Supervisory Committee on Edible Oil Import and Distribution.
The rise in palm oil price was attributed to a sharp drop in the palm oil output in major producing countries starting from January 2026, strengthening Malaysia Ringgits, Indonesia’s tax hike in palm oil export from 10 per cent to 12.5 per cent starting from 1 March, low global stock levels in palm oil reserve situation with tight supplies dropping to 19 per cent in 2025-2026 Financial Year from 20 per cent, pushing the FOB price in the producing countries, the Department of Consumer Affairs speculated the market price.
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, market rates remain high.
To curb overcharging, the Consumer Affairs Department under the Ministry of Commerce announced in late August that consumers can lodge complaints via its call centre hotline. The department also urged the public not to purchase palm oil at inflated prices. The committee warned that those engaged in price gouging or hoarding oil to manipulate the market will face legal action under the Essential Goods and Services Law.
The department is working with the Myanmar Oil Dealers’ Association and the cooking oil importers to ensure imported palm oil is sold to consumers at affordable rates. Complaints about overcharging can be filed through the Consumer Affairs Department’s call centre hotline 1535 or via its Facebook page, as well as through the relevant regional and state departments.
The domestic consumption of palm oil is estimated at one million tonnes per year. Farmers and businesspersons are striving to meet the demand of people for oil consumption by growing oil crops and engaging in oil palm farms.
NN/KK
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