CNI News

21 June 2024

There has been a shortage of palm oil in the domestic palm oil market and it cannot be bought as much as one wants while the price has increased by about two times. 

Although the price of palm oil was 6,000 kyats per viss last month, at present the price has been 12,000 to 14,000 kyats per viss, according to consumers. Not only was the price higher, it cannot be bought as much as one wanted.

 Although there were some people who came and sold palm oil at 6,000 kyats per viss, it could not be bought as much as you wanted, U Thein Aung, a local from Nyaungdon Township, Ayeyarwady Region, told CNI News.

" We can buy palm oil. But it's expensive. Sometimes, people can buy 50 ticals of palm oil per head at 3,000 kyats at a corner of the road. But it was only temporary. When you go to buy it because you want it, you have to pay 1,300 or 1,350 kyats for 10 ticals." he said.

the reason why there is the scarcity of palm oil is because the amount of palm oil imported has decreased;  goods imported have been limited and of the announcement that goods that arrive at the port without import license will be taken action against, reviewed some people.

Although authorities concerned have announced that palm oil must not be sold at more than 20 percent of the import price and those who sell at more than 20 percent will be taken action against, it has not been effective. So, the companies that import palm oil and agents who distribute it should be systematically tackled, U Myo Han, a market analyst, told CNI News.

" Wholesalers or companies that have import licenses to import palm oil can create this market. It will be convenient if they are systematically tackled." he said.

Edible oil is produced within the country and as domestic consumption is about 12 lakh tons, 9 lakh tons are imported each year, according to the trade department.

Palm oil is imported mainly from Malaysia and Indonesia and palm oil worth US$600 million is imported annually.