Palm oil price rises to K7,400 per viss

In the Yangon oil market on 21 February 2023, the wholesale price of palm oil per viss was K7,100. The price escalated to K7,200 per viss on 23 February and K7,400 per viss on 25 February. The wholesale price of palm oil in the Nyaungpinlay market was set at K7,500 per viss, Ko Swe Win, an oil dealer, told the Global New Light of Myanmar (GNLM).
In the Myingyan oil market, palm oil was priced at K7,400 per viss on 21 and 22 February, K7,500 per viss on 23 February and K7,600 per viss on 25 February, an oil trader from Myingyan stated.
The Yangon wholesale reference price of palm oil per viss was only K4,470 from 20 to 26 February. The price dropped by K20 per viss compared to the previous week. Within 42 days from 16 January to 26 February, the wholesale reference price stood at K4,490 per viss at maximum and K4,430 per viss at minimum. Therefore, the reference price has only shifted by K60 per viss in the past month and a half.
Authorities notified the reference price every Monday, according to the changes in price and foreign markets. The notification stated that actions will be taken under the Important Goods and Services Act if any fraudulent activities are carried out for the purpose of manipulating market prices.
However, the retail price of the external market surpassed the weekly reference wholesale price by around K5,500 per viss in mid-August.
The retail price exceeded K3,000 per viss than the reference wholesale price on 25 February 2023, according to the price list data on social media in addition to the oil traders.
The wholesale price of the external market has been around one time higher than the reference wholesale price for more than half a year, benefiting oil hoarders.
The weekly notified wholesale reference price has little effect on consumers and oil dealers, and only those who keep palm oil in their hands still benefit greatly. Consumers said that as the price of rice which has been in high price like palm oil decreased, they want the palm oil price to drop as well. — TWA/CT