The Myanmar Edible Oil Dealers’ Association (MEODA) released a notification on 4 September that complaints can be sent to a task force for edible oil price stability in buying palm oil at reference price.
The association formed a task force for edible oil price stability on 28 August with 29 members including representatives from oil importing companies.
The task force aims to have a widespread distribution of palm oil in the market, offer fairer price to the consumers, control price hike, make the shops get easy access to reference price and ensure transparency, as per the notification.
Moreover, the task force notified the large traders and big shops to set the wholesale price not higher than two per cent of net profit margin over the reference price and retail price not higher than 10 per cent margin.
At present, beyond Bayintnaung and Nyaungpinlay markets in Yangon, palm oil is distributed to the townships where MEODA’s branches are located at, including Nay Pyi Taw, Mandalay, Magway, Bago, Pyay, Taunggyi, Myingyan, Shwebo, Pakokku, Aunglan, Kyaukpadaung, Meiktila, Kawthoung, Lashio, Hpa-an, Sittway and Myitkyina areas.
If the shops in those townships cannot buy the palm oil at reference price, they can lodge a complaint for overcharging to the task force by dialing 09 757482912 and 09 756575216, the MEODA stated. With the Consumers Affairs Department under the Ministry of Commerce endeavouring to reduce the palm oil prices, consumers can make a complaint about overcharging by dialing the Call Centre, according to a notification released in August.
The Department is making concerted efforts to steer the high volatility in palm oil prices in the retail market and offer fairer prices to the consumers, in coordination with the association and oil importing companies.
The complaints for overcharging can be lodged over Hot Line: 1535 of the Call Centre of the Consumers Affairs Department or sent to the Facebook Page of the Department and the pages of the region and state departments concerned.
The wholesale reference rate of palm oil for the Yangon market was set at K4,160 per viss this week ending 10 September.
The domestic consumption of palm oil is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. To meet the domestic demands, about 700,000 tonnes of palm oil are yearly imported through Malaysia and Indonesia. — NN/EM
