Edible oil prices vary in Yangon market despite reference price

Yangon’s edible oil market has seen two different prices since some news reports that there was no more oil in the oil tank and that people had to buy edible oil at the price of K6,600 per viss from oil hoarders came out in the market. The wholesale price of edible oil was K7,000 per viss at the shops on 9 March while some wholesalers sold at K6,050 per viss to regular customers. Even though the relevant authorities announce the reference wholesale price of palm oil weekly, the wholesale price was more than K2,000 higher than the reference wholesale price from mid-February to the beginning of March.

On 10 March, the palm oil was sold at K6,050 per viss at the Nyaungpinlay market and K6,400 per viss at the Bayintnaung market, a buyer said. An oil trader said that the wholesale price of oil at the Bayintnaung market went up to K6,800 per viss on 11 March. The demand for palm oil is weak this week due to consumers who bought palm oil at a price of more than K7,000 per viss. Therefore, it is known that the price has not been increased yet. The palm oil price was cheap in some regions while it was high in Yangon.

The price of palm oil including the delivery fee to the store was just K6,400 per viss in some regions on 7 March and K6,350 per viss on 8 March, a grocery seller, Ma Than Myint told the Global New Light of Myanmar (GNLM). On 8 March, 10,326 tonnes of oil entered the Thilawa port and 5,500 tonnes of oil entered the Hteedan port in Kyimyindine Township. According to the information that the wholesale price will drop from over K7,000 to K6,000 per viss, the palm oil was sold at K6,050 per viss in the Yangon oil market. However, it is reported that only a few outlets sell at the above price.

Source: The Global New Light of Myanmar

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