The price of palm oil touched a high of K6,000 per viss in Yangon’s wholesale market on 10 June 2023, indicating a sharp rise of K2,200 per viss compared to the reference price.

The wholesale reference price of palm oil was set at K4,790 per viss for a week from 10 to 23 April 2023. Then, the price dropped to K3,790 per viss, showing a decrease of K1,000 per viss over a month.

The international palm oil price was high at $1,025 per tonne on 18 April 2023. Then, it drastically dropped to $797.5 per tonne on 10 June. The figures indicated a decline of $228 per tonne. Despite the drop in Yangon’s wholesale reference price and international palm oil price, it peaked at K6,000-K6,100 per viss, said an edible oil dealer.

Approximately 11,000 tonnes of palm oil were imported between 6 and 9 June. Regardless of the sharp drop in international palm oil prices and reference prices and the steady inflow of palm oil from foreign countries, the market price is still too high. The market price hit only K5,150 per viss at the end of December 2022, while the international price was $965 per tonne and the reference price was set at K4,360 per viss.

The authorities concerned issued the reference price of palm oil and fuel oil for Yangon. Fuel oil can be bought as per the daily set rates. Nonetheless, palm oil cannot be purchased at the reference rate and the market price was K2,200 per viss higher than the reference rate.