The edible palm oil reference price set by the Edible Oil Import Storage and Distribution Supervision Committee rose by over 100 kyats from 4,470 kyat per viss (approx. 1.5 Kg) to 4,600 kyat.
With the rise of the official reference price the retail price in the domestic market also rose to prices varying between 7,000 and 8,000 kyat elsewhere in the country.
In Yangon retail market, the edible palm oil price was 6,000 kyat per viss in late February and then it rose up to over 7,000 kyat per viss now.
The Edible Oil Import Storage and Distribution Supervision Committee constituted by the Military Council usually sets the reference price based on the global price for trading in the domestic market but the actual price being traded in the open market is always nearly twice this reference price.
Similarly other edible oils such as groundnut oil, sesame oil, sunflower oil, vegetable oil, and soya bean oil are also rising in the domestic market along with the price of edible palm oil. The local products sesame oil is being traded at 13,500 kyat per viss and groundnut oil is being traded at 13,000 kyat per viss in the local retail market.
The annual demand of edible oil in Myanmar is about 1.1 million tons of which 900,000 tons is being imported from the foreign countries. The Military Council said they are aiming for self-sufficiency of edible oil in the country, with the plan to produce a surplus to export to foreign countries.