The reference price of palm oil in Myanmar has exceeded 7,000 kyats

Published 2024년 11월 21일

Tridge summary

The article explains the increase in the basic reference price of edible palm oil in Myanmar, which has risen above 1,7000 Myanmar Kyats. This price is determined daily by the Edible Oil Import, Storage and Distribution Industry Supervision Committee, who calculate it based on the FOB price of Malaysia, along with additional costs such as transportation, bank fees, and taxes. The committee then publishes the adjusted price for the domestic market. The article also highlights the regulations in place to prevent the selling of edible palm oil at excessive prices or for speculative purposes in the domestic market of Myanmar, with violators facing accountability under the Important Goods and Services Act.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Since the beginning of November, the basic reference price of edible palm oil has slowly increased, and now it has risen to more than 1,7000 Myanmar Kyats. The Edible Oil Import, Storage and Distribution Industry Supervision Committee observes the FOB price of Malaysia, the main producer and exporter of edible palm oil, every day, and then calculates the basic reference price suitable for the domestic market of Myanmar after adding transportation costs, bank service fees, taxes, etc., and formulates and publishes it. Currently, within a week, according to the market prices of international edible palm oil producers and exporters, the basic reference price of edible palm oil in Yangon from November 18 to 25 was calculated and published, 1,7015 ...

Source: Foodmate