A total of 400,616 tonnes of palm oil were imported in the eight months of 2023-2024 FY, which is 22 percent more than the same period last year, according to the Ministry of Agriculture, Livestock and Irrigation citing the Ministry of Commerce.
From April 1 to December 1 in 2023-2024 FY, Myanmar imported 400,616 tonnes of palm oil worth US$393.06 million. From April 1 to December 1 in 2022-2023 FY, Myanmar imported 327,673 tonnes of palm oil worth US$430.69 million. Comparing the two same periods, 22 percent more tonnes were imported in the eight months of the current fiscal year than the same period last year.
According to the market and price trends in the world's palm oil producing and exporting countries, the basic wholesale price at the Yangon this week has been set at 4,955 kyats per viss, according to the Ministry of Commerce.
The supervisory committee for edible oil import, storage and distribution under the Ministry of Commerce, it is working to regulate the domestic palm oil prices in accordance with the changes in global palm oil prices. It is monitoring daily FOB prices in Malaysia, which is the main producer and exporter of palm oil, and calculated transportation costs, bank charges and taxes to announce the basic wholesale reference price to be traded in the domestic market.
According to the market and price developments in the world's palm oil producing and exporting countries this week, from January 8 to 14, 2023, the wholesale reference price based on the Yangon price is 4,955 kyats per viss.
In addition, it has been notified that action will be taken under the Important Goods and Services Act if stockpiling and fraudulent activities are carried out for the purpose of raising prices and manipulating price in the domestic market.
The Myanmar Edible Oil Dealers' Association, in cooperation with oil businessmen and merchants' associations in various states and regions, is selling palm oil in the city's neighborhoods and villages on specific dates for the grassroots to be able to purchase oil at a low price and self-sufficiency.
The Myanmar Edible Oil Dealers' Association has notified that palm oil balances can be sold at a price not exceeding the wholesale reference price in the market at a price not exceeding two percent of general expenses and a net profit, and at a price not exceeding 10 percent of the net profit until the sale is phased in.
According to the Ministry of Commerce, the consumption of edible oil in Myanmar is about 1.2 million tonnes per year, while the domestic production of edible oil is only about 300,000 tonnes, so about 900,000 tonnes are imported from abroad every year.
