Burmese Palm Oil Soars 115 Myanmar Kyats in One Week, Government Warns Against Hoarding
According to Myanmar media reports, the latest data released by the Edible Oil Import, Storage and Distribution Industry Supervision Board shows that from September 2 to 8, the basic reference price of edible palm oil in Yangon region was set at 6,490 kyat per drag. Compared to the reference price of the previous week, the price of each drag has risen by 115 KYats, and the reference price of the previous week was 6375 Kyats per drag.
It is reported that the Yangon basic reference price of edible palm oil is based on the careful observation of the daily price of the main producer Malaysia, and comprehensive consideration of transportation costs, bank service costs, taxes and other costs, accounting for the basic reference price suitable for domestic sales in Myanmar, and then officially released.
For Myanmar's domestic edible palm oil market, the government has clearly issued a notice to prohibit illegal acts such as hoarding and price gouging. The government will hold violators accountable in accordance with laws and regulations to ensure market stability and ensure people's livelihood.
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