Myanmar: Palm oil prices jump to over 12,000 kyats in consumer market

Published 2024년 6월 21일

Tridge summary

Consumers in Myanmar are experiencing a significant increase in the cost of palm oil, with the price per viss rising from around Ks 7,000 to over Ks 12,000 since mid-June. The price hike has led to shortages in some areas, with the Myanmar Edible Oil Dealers Association distributing palm oil in an effort to address the shortage. The Department of Consumer Affairs has warned distributors against charging excessive profit margins and hoarding, threatening strict enforcement under the Essential Supplies and Services Law. The association has also set profit ratios and advised industrial users not to resell the oil.

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Original content

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 ...

Source: Elevenmyanmar