Traders and Oil Entrepreneurs Association, which made the announcement today.
Because the central bank has sold foreign currency directly to companies importing edible oil to prevent the price of cooking oil from skyrocketing due to the depreciation of the Myanmar currency and the high exchange rate, the association will only sell the equivalent of 3,700 kyats per pound at the wholesale price.
The association will offer wholesale and retail sales of the palm oil.Wholesalers are required to resell their products to customers at a profit of no more than 2%.
The cost of palatable oil has soar because of the new enthusiasm for the Myanmar kyat and increasing trade rates, including rising import costs.
Prior to the military coup in Burma in January, the wholesale price of palm oil was approximately 2,300 kyats per pound.The current wholesale price of palm oil has reached a record high of more than 4,000 kyats per pound as a result of the sharp rise in foreign exchange rates since then.The percentage increased to 73.9 percent eight months after the military coup.
He stated, “We are working to ensure that prices are stable and that consumers can buy at a fair price.” Myanmar Oil Traders and Oil Entrepreneurs Association
Over 10 lakh tons of oil are consumed annually in the country.With only 400,000 tonnes of production capacity, approximately 700,000 to 800,000 tonnes are imported annually for domestic consumption.