ACCORDING to the foreign palm oil market, the oil price becomes higher together with the active peanut oil sales in the market.

The peanut farmers grew well and received quality peanuts due to the weather condition by the end of 2021. Depending on the peanut quality, one viss of peanut produces between 40 and 43 ticals after grinding.

The price of grinded husk is K1,300 per viss. The price of peanuts was about K2,500 per viss by end of November 2021. The peanut exports to border areas also declined due to the outbreak of COVID-19, and the local price of palm oil was high. Therefore, the production of peanut oil also became higher through small-and-medium-sized operations in the middle parts of Myanmar.

Due to the peanut prices and production rate, the price is only different K1,000 than the price of palm oil. The oil was also sold to the customers by the end of November 2021, said Ko Kyaw Moe Oo, a peanut oil seller from Yenangyoung Township.

The price of palm oil and peanuts became high in December 2021 and the price of peanut oil is K9,000 per viss on 15 March 2022. The renowned peanut oil fetched K8,000 per viss in late 2021 and it gets K11,000 per viss now, said Ko Aung Aung Oo, a peanut oil buyer from the Nyaungpinlay Market.

 The palm oil is mainly used in operations of fried food and the peanut oil is not used on a large scale for its prices.

When the authorities reduce the palm oil import volume and prioritize the local peanut, sesame and sunflower plantations and oil grinding operations, it can meet the amount of reduced palm oil import, said a market researcher.

Although there are some challenges for palm oil recently, the manageable scale peanut grinding industry becomes active together with medium and large scales grinding industries. Officials also emphasize impractical oil mills to promote oil production.

TWA

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