Seven individuals who raised the price of palm oil have been detained and inspections are being carried out on the ground, according to U Kyaw Kyaw Lwin, Head of the Yangon Region Consumer Affairs Department of the Ministry of Commerce.

U Kyaw Kyaw Lwin stated that relevant township administrations, municipal committees, and other groups are conducting inspections to ensure that the wholesale price, inclusive of transportation costs and a maximum profit margin of 2%, is being adhered to. Shops not complying with the set reference prices are being taken action against.

“Since palm oil is classified as an essential commodity, legal actions are being taken against those violating the pricing regulations in Yangon Region, with around seven such cases currently being handled. We are continuing to monitor and ensure that sales follow the set reference prices, and failure to do so will result in legal action under the essential commodities act,” said U Kyaw Kyaw Lwin.

On June 20, over 400 retailers and wholesalers were called in and warned against raising prices, he added.

“Just yesterday (June 20), we, together with the Yangon Region Government led by the Economic Affairs Minister, informed over 400 retailers and wholesalers at the UMFCCI Hall that non-compliance with the set reference prices would result in actions under the essential commodities act,” said U Kyaw Kyaw Lwin.

According to U Kyaw Kyaw Lwin, over 2,600 barrels of palm oil are being distributed daily across the 44 townships in Yangon Region.

“In Yangon Region, 2,660 barrels of oil are distributed daily for the 44 townships. Distribution is planned by the regional government and importing companies based on population, workforce, small-scale frying businesses, teashops, and religious groups within each township. Retailers and wholesalers are then instructed to sell the oil at the reference prices announced weekly by the Ministry of Commerce, inclusive of transportation costs and a maximum profit margin of 2%,” said U Kyaw Kyaw Lwin.“