By Hsu Latt Phyu - Jun 17, 2024

It is known that basic wholesale reference price of palm oil is set at 5,370 kyats per peik thar but the market price is around 12,000 kyats.

The set basic wholesale reference price to be sold in the country is set by the Ministry Commerce, palm oil import, storage and distribution supervision committee by daily monitoring of FOB prices happening in Malaysia, which mainly produces and exports palm oil by calculating transportation costs, bank charges, including taxes.

According to the market and price developments in the world's palm oil producing and exporting countries this week, the basic wholesale reference price of palm oil at the Yangon has been announced as 5,370 kyats per peik tha from June 17 to 23.

In addition to that, action will be taken under the important goods and services act if fraudulent activities including , raising the price and selling in the domestic market and stocking for the purpose of speculation are carried out.