Palm oil price set at K5,645 this week

The reference palm oil price was set at K5,645 per viss between 6 and 12 June, according to the statement of the supervisory committee on edible oil import and distribution.
Officials released the reference rate to control the palm oil price rising. They set the basic reference rate at more than K5,000 based on the FOB prices of Malaysia and Indonesia by calculating the transport charges, bank rate and taxes.
During this week, the palm oil price declined in global oil-producing countries more than the previous week, and so the wholesale prices of the supervisory committee also drop.
The local retail oil price rose to nearly K9,000 per viss when the reference prices were not released and now the price is nearly K7,000 per viss, according to the retail outlet.
If the people are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Essential Supplies and Services Act. — TWA/GNLM