A total of 294,457 tonnes of palm oil were imported in almost six months of the 2023-2024 FY, which is 28 percent more than the same period last year, according to the Ministry of Agriculture, Livestock and Irrigation.

From April 1 to September 29 in 2023-2024 FY, 294,457 tonnes of palm oil worth US$294.58 million was imported and from April 1 to September 29 in 2022-2023 FY, Myanmar imported 229,264 tonnes of palm oil worth US$332.85 million. Comparing the two same periods, in almost six months of the current fiscal year, Myanmar imported 28 per cent more than the same period last year, but the value decreased by 11 percent.

According to the market and price trends in the world's palm oil producing and exporting countries, the basic wholesale price in Yangon this week has been set at 4,990 kyats per viss, according to the Ministry of Commerce.

The Supervisory Committee on Import, Storage and Distribution of Edible Oil under the Ministry of Commerce is working to regulate the domestic palm oil prices in accordance with the changes in global palm oil prices by daily monitoring of the FOB prices in Malaysia, which is the main producer and exporter of palm oil, and includes transportation costs, bank costs and taxes to calculate 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, it has been announced that the wholesale reference price in Yangon this week has been set at 4,990 kyats per viss of palm oil from November 20, 2023 to November 27, 2023.

In addition, it has been notified that actions will be taken under the Important Goods and Services Act if storage and fraudulent activities are carried out for the purpose of raising prices in the domestic market and manipulating the price of palm oil.

"In the shops that are sold by companies and associations, one person sells it at a price set by the government. They can't buy more. The price is 6,000 per viss if bought in the black market. That's only sold for 0.5 viss per person," said a housewife from South Dagon Township.

The Myanmar Edible Oil Dealers' Association (MEODA) and Chambers of Commerce and oil companies in various states and regions, have joined hand to sell in neighborhoods and villages according to specific dates for the ordinary people to be able to buy edible oil at a low price and self-sufficiency.

Basic wholesale reference prices are available on the Department of Consumer Affairs' website, Facebook page and the Facebook page of the MEODA.

The MEODA has informed that palm oil balances can be sold at a price not exceeding the wholesale reference price in the market with general expenses and a net profit of not more than two percent, and only 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 of edible oil are imported from abroad every year.