In the midst of rising prices, consumers in Myanmar are facing a significant increase in the cost of palm oil. Reports from local users indicate that the price per viss has surpassed Ks 12,000, a steep rise from the previous rate of around Ks 7,000.

Since mid-June, the price of palm oil has been on an upward trajectory, reaching between Ks 9,000 and Ks 10,000, and now exceeding Ks 12,000.

A resident of Latha Township in Yangon expressed concern, stating, “The price started climbing from the middle of the month. It used to be around 7,000, but by mid-month, it had reached between 9,000 and 10,000. Now, it’s over 12,000.”

Despite the price hike, some areas in the Yangon Region are experiencing shortages, with palm oil being unavailable for purchase. 

“We can’t buy cooking oil here. If it’s not available today, we might get it tomorrow. It’s been happening every other day,” shared a resident from East Dagon Township.

The Myanmar Edible Oil Dealers Association has been distributing palm oil through representatives in various townships, with each individual allowed to purchase up to half of a viss.

The Deparment of Consumer Affairs in Myanmar has issued a statement on May 8, warning that certain distributors of palm oil in various townships have been selling the product at significantly higher profit margins than the designated target prices, including transportation costs.

The Department of Consumer Affairs has warned that any fraudulent activities, including hoarding for gambling purposes, will face strict enforcement under the Essential Supplies and Services Law.

Furthermore, the Myanmar Edible Oil Dealers Association have also released statements, such as setting profit ratio to 2% and not to mix with other cooking oils.

The distributers in the market from Yangon and other regions have been warned to adhere strictly to the weekly target prices set for palm oil, including justifiable transportation costs and a reasonable profit margin as well as not to resell with high profit ratio. 

Therefore, merchants from Yangon and other regions respectively have been instructed not to engage in hoarding with the intent of price speculation, price hiking, or mixing with other oils, which are deemed unethical practices.

In addition, industrial users who import palm oil for their operations have been strongly advised by the association to use the oil solely for their business purposes and not to resell it in the market.

The association, in collaboration with relevant ministries and organizations, is working towards ensuring a stable supply of safe and healthy edible oils for domestic consumption.

This week, the price of palm oil in Yangon is 5,370 kyats per viss, an increase of only five kyats from the previous week.