Action to be taken for selling, storing palm oil at a higher price

IT was announced on 29 May that it would take action under the Important Goods and Services Act if the persons raise prices, store goods illegally and scam 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 charges, 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 slightly rises in the world’s palm oil exporters this week then previous week, with FOB prices expected to rise sharply this week. From 30 May to 5 June, the basic reference of Yangon wholesale price of palm oil is K5,725 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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