Junta’s commerce ministry vows to bring down rising cooking oil prices

By Admin 31 Aug 2023

DMG Newsroom
31 August 2023, Sittwe

The junta’s commerce ministry said it would take measures to significantly bring down palm oil prices in the next few days for the sake of members of the public.

The ministry hosted a meeting on Wednesday to discuss measures to bring down palm oil prices, during which commerce minister U Aung Naing Oo said the ministry would regulate distributors to prevent price-gouging.

“Businessmen should not only care for their profits, but must also consider affordability, for the sake of consumers,” U Aung Naing Oo was quoted by junta’s newspapers as telling those in attendance.

People have complained that palm oil prices are unreasonably high in the market. In Arakan State, a litre of palm oil sells for over 6,000 kyats, a sack of Paw Hsan Hmwe rice sells for 115,000 kyats and a viss of onion sells for nearly 4,000 kyats.

The Arakan State Edible Oil Dealers Association said it is working in accordance with the guidelines of the Myanmar Edible Oil Dealers Association to bring down palm oil prices.

“We have been selling existing stocks of palm oil [at prices lower than market rates] in 15 townships. We are still discussing other measures,” said the chairman of the Arakan State Edible Oil Dealers Association, U Saw Myint Than.

The junta’s commerce ministry in July warned edible oil dealers to sell at appropriate prices. Inflation in the Arakan State capital has almost tripled after the regime last month announced its plan to issue 20,000-kyat notes for the first time, according to Sittwe residents.

“Not only consumers but also sellers are also having troubles because of consistently rising prices. The impact is stronger as jobs are scarce,” said Daw Oo Saw Khin from Kyaytaw village in Sittwe Township.