Business

Palm oil will now be sold at a lower price thanks to

Myanmar Oil 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 palm oil will be sold by the relationship at retail and discount.Wholesalers are expected to exchange to the purchaser for close to 2% benefit.
Due to the recent appreciation of the Myanmar kyat and rising exchange rates, as well as rising import costs, the price of edible oil has skyrocketed.
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.at a lower price thanks to the
Myanmar Oil 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 palm oil will be sold by the relationship at retail and discount.Wholesalers are expected to exchange to the purchaser for close to 2% benefit.
Due to the recent appreciation of the Myanmar kyat and rising exchange rates, as well as rising import costs, the price of edible oil has skyrocketed.
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.