By Yoon Sat - Jun 21, 2024
Although the reference price of a Peik Tha (1.63kg) of palm oil is set at 5,370 kyats, it is sold by more than 12,000 kyats in the market, according to the consumers.
“Palm oil price is at 12,000 kyats per peik tha. It is difficult to buy in the neighborhood. We have to queue to buy palm oil and it consumes a lot of time. But we can’t even buy 50 kyats thar (Half of a peik tha). Its not convenient that a person only can purchase 20 kyats thar. They should sell at least 50 kyats thar per person if not a peik tha. We just bought from outside with the higher price,” said a resident from New East Dagon Township.
Palm oil import, storage and distribution supervision committee under the military council said that the reference price of palm oil per peik thar is 5,370 kyats on today (June 23th). But it is just a show off selling to the people by the distributor companies as they only sells 20 kyats thar per person and selling 12,000 kyats per peik tha in the market, according to the people.
The sellers only sells very little amount such as from 20 to 50 kyats thar per person with the reference price so people are just buying with the market price. The market price of palm oil was around 8,000 – 9,000 kyats per peik tha before the mid of June and it is currently at 12,000 kyats per peik tha.
According to the residents from some townships of Yangon region, there is a shortage of palm oil in some places of Yangon. The Junta held a Union Commodity Price Stabilization Committee on June 19th and the committee said they are focusing primarily on the rice and palm oil price stabilization by collaborating with relevant departments and organizations, according to the Military Council’s Minister of Planning and Finance, U Win Shain.
