Edible oil price falls in Yangon market in three months

A woman shopper choosing an oil bottle in a supermarket in Yangon.  Photo: Phoe Khwar
A woman shopper choosing an oil bottle in a supermarket in Yangon. 
Photo: Phoe Khwar

PRICES of imported edible oil have declined in the domestic market due to a decrease in edible oil prices in the global market, according to the Myanmar Edible Oil Dealers’ Association.
In Yangon’s wholesale market, imported edible oil is now priced below Ks1,600 per viss (3.6 lbs), while a viss of palm oil was sold for Ks1,550 on 9 November, according to the market.
The prices for edible oil were Ks1,595 per viss on 6 August. The market saw an increase in prices of edible oil for three consecutive days, at Ks1,700 on 7 August and Ks1,820 on 8 August.
On 9 August, the selling prices of a viss of edible oil was Ks1,900, while the buying prices was Ks1,566 per viss.
Ko Nay Lin, a local merchant, said importers increased edible oil prices, noting that they have to wait for a number of days for the arrival of edible oil by ship. Edible oil prices usually increase when there are difficulties in obtaining oil from storage tanks, while traders store their remaining oil stock in order to increase their sales and boost profit.
Currently, oil price remains high.
Since mid-September, the price of edible oil has returned to normal in Yangon market, narrowing the gap between supply and demand.—Maung Say Aung (Translated by Khaing Thanda Lwin)

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