IT was announced on 15 May that it would take action under the Important Goods and Services Act if the persons raises prices, stores goods illegally and scams in the domestic market.

The Committee for the Supervision of the Import and Distribution of Edible Oils under the Ministry of Commerce has issued the statement in a bid to manage the domestic palm oil prices.

Depending on the daily monitoring of FOB prices in Malaysia and Indonesia, transportation costs, bank expenses, and basic wholesale reference price to be traded in the local market are taken into account, including taxes for setting the proper prices.

Palm oil prices fallen slightly in the world’s palm oil exporters this week, with FOB prices expected to rise sharply this week. From 16 to 22 May, the basic Yangon Reference Wholesale Price of palm oil is K5,685 per Viss.

These basic wholesale quotes are available on the Department of Consumer Affairs website: www.doca. gov.mm and on the Facebook page of the Myanmar Oil Traders and Oil Entrepreneurs Association.

MNA

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