Myanmar: Domestic palm oil reference prices bearish on weak global cues

and Freight) for palm oil has been on a downward trend since January. The wholesale reference price declined to K6,390 per viss on 1 June from K7,280 recorded on 1 January, showing a significant decrease of K890 per viss. The Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia, adding transport costs, tariffs and banking services to decide the wholesale market reference rate for edible oil weekly. The committee issues reference prices weekly every Monday through the website www.doca.gov.mm of the Department of Consumer Affairs and the Facebook pages of the department and the Myanmar Edible Oil Dealers’ Association. Despite the reference price, the market price is way too high. To control overcharging, the Consumer Affairs Department under the Ministry of Commerce informed consumers of lodging complaints for overcharging through the call centre hotline. The department urges ...