Yangon palm oil wholesale reference price shows uptick

The wholesale reference rate of palm oil set for the Yangon market slightly increased to K7,380 per viss this week ending 7 May, up from K7,285 per viss last week ending 30 April, according to the Supervisory Committee on Edible Oil Import and Distribution.
The rise in palm oil price was attributed to a sharp drop in the palm oil output in major producing countries starting from January 2026, strengthening Malaysia’s ringgit, Indonesia’s tax hike in palm oil export from 10 per cent to 12.5 per cent starting from 1 March, and the Department of Consumer Affairs’ speculation on the market price.
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.
Despite the reference price, the market price is still 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 in late August. The department urges consumers not to buy palm oil at high prices.
The Committee notified that any person who is involved in price gouging and oil storage to attempt market manipulation will face legal action under the Essential Goods and Services Law.
The department is working together with the Myanmar Oil Dealers’ Association and the cooking oil importing companies to offer affordable rates of imported palm oil for consumers.
The complaints for overcharging can be lodged over hotline 1535 of the call centre of the Consumers Affairs Department, or sent to the Facebook page of the department and the region and state departments concerned.
The domestic consumption of palm oil is estimated at one million tonnes per year. The local palm oil production is just about 400,000 tonnes. About 700,000 tonnes of palm oil are annually imported through Malaysia and Indonesia to meet domestic demands. — NN/KK