Wholesale price of palm oil reaches K8,500 per viss in Yangon

Regional edible oil traders are purchasing less quantity than usual due to the wholesale price of palm oil that hit around K8,500 per viss in the Yangon market.
A dealer in the Nyaungbinlay market in Lanmadaw Township confirmed that palm oil fetched K8,600 per viss in the market on 27 July. The wholesale reference price of palm oil was K4,230 per viss from 24 to 30 July 2023.
On 28 July, external markets in Yangon saw K8,500 per viss of the palm oil wholesale price and around K9,000 per viss in the Mandalay market, according to the daily price lists of the markets.
A tonne of palm oil was priced at US$942.5 in the foreign market on 24 July, US$915 on 27 July, and US$900 on 28 July, according to palm oil price reports from the foreign market. Although palm oil prices in the foreign market are falling, the price of palm oil in the domestic market is still staying over K4,000 per viss higher than the reference price. Most oil dealers in various regions, including Yangon, are trading at a high market price.
Only a small number of people got to buy at retail and wholesale reference prices, and a few purchased between K5,000 and K7,000, which is between the reference price and the market price.
Although the wholesale reference price to be announced by the authorities on 31 July may fluctuate by K100 or K200, palm oil dealers and consumers are hoping for a reduction in the high gap between the reference wholesale price and the wholesale market price. — TWA/CT