Prices for cooking oil rising in Myanmar’s domestic market
05/12/2024 (Mizzima News) - The reference price of edible palm oil set by the junta is continuously rising while the price is also rising in the open market.
The reference wholesale price of edible palm oil set by the Myanmar Edible Oil Dealers’ Association was 6,635 Kyats per viss (approx. 1.6 Kg) for the period 10-17 November. It then rose to 7,280 Kyats per viss for the period 25 November-1 December.
The association said that the setting of the wholesale reference price is based on prices in the producers’ markets and global markets.
The junta warned all traders not to manipulate prices in the market by illegal hoarding of commodities and other unfair practices. Violators will be dealt with accordingly under the Essential Supplies and Services Law. However, people have to buy this commodity at prices up to 15,000 Kyats per viss in the open market.
People can buy edible palm oil at their fair price shops with ration books but can get only one viss per month per household. The price in the open market will thus rise along with the rising official reference price.
The price of groundnut oil is 17,000-20,000 Kyats per viss in the open market. Common people with low incomes must rely on cheaper edible palm oil for consumption.
“The rise in price of edible palm oil is caused by low production in major palm oil producing countries such as Indonesia and Malaysia as they face the impact of climate change starting from April 2024 and also rising demand from China and India,” a press release issued by the Supervisory Committee on Edible Oil Import and Distribution under the junta’s Ministry of Economy and Commerce says.
In Yangon Region, the Myanmar Edible Oil Dealers’ Association sells edible palm oil at 25,000 Kyats for 2.75 viss (approx. 5 liters) on orders placed by phone. Common people with low income, however, cannot afford to pay 25,000 Kyats for that quantity of oil.