Oil Dealers Association supplies wholesalers at reference price

By Admin 07 Sep 2023

DMG Newsroom
7 September 2023, Sittwe

The Myanmar Edible Oil Dealers Association has supplied wholesalers in 25 towns including Yangon, Mandalay, Pathein and Sittwe townships with palm oil to be sold at a maximum 2 percent higher than the reference price.

In response to soaring cooking oil prices in the market, the association has distributed palm oil as of September 4 at the reference price set by the regime. Wholesalers have been told by the commerce ministry to sell at prices only 2 percent higher than the reference price.

The reference price set by the regime currently stands at 4,160 kyats per viss. A viss is sold for 4,300 kyats in the wholesale market in Yangon, and 4,800 kyats in Mandalay, according to edible oil dealers.

“We will sell [at 2 percent higher than reference price] as long as we have stocks. For now, we sell by quota, one viss per person,” said U Moe Kyaw from Shwe Hinthar cooking oil wholesale centre in Yangon.

In Yangon, each cooking oil dealer who wholesales and retails is supplied with 30 barrels of oil per week. In Mandalay and other cities, cooking oil dealers only get a share of five to 10 barrels per week.

“We have been told not to charge more than 2 percent above the reference prices. Long queues form as many people come and buy. We sell a minimum 20 viss for retailers,” said U Thaw Sitt, a cooking oil wholesaler at Bayintnaung commodity exchange.

Arakan State has a share of 90 barrels of palm oil to be sold in 15 townships, said the Arakan State Edible Oil Dealers Association.

“Each township will get six barrels. We started selling today, and sold two barrels a day for three days,” said a member of the Arakan State Edible Oil Dealers Association.

In Arakan State, palm oil sells for 9,000 kyats to 11,000 kyats per viss in the market. The junta’s commerce ministry said in late August that it would take steps to bring down cooking oil prices within a few days.