Myanmar Edible Oil Market : MoC held work coordination meeting on price stability

The Ministry of Commerce held a work coordination meeting for stability and reducing of domestic edible oil prices at the Ministry on Wednesday.

At the meeting, the Union Minister for Commerce U Aung Naing Oo said that the government is providing necessary assistance for the consumers to buy the cooking oil in the fair price, the Central Bank of Myanmar also subsidies to overcome monetary obstacles in a particular way, the Ministry of Commerce is issuing weekly palm oil basic reference price.

Regarding with the price hiking of palm oil, the Union Minister met with the entrepreneurs in Yangon on 1st of July and pointed out that the entrepreneurs should take into account of welfare of the consumers without solely intention of profit-orientation, the outcomes from this coordination meeting will be implemented practically and all are urged to cooperate for the bid to reduce the palm oil price within a few day with regarding with the distribution of the palm oil.

Then, the entrepreneurs attended the meeting pledged to avoid the price manipulation in the distribution of the oil in the regions and states based on the reference price, the palm oil will be sold in fair price based on the reference price index, cooperation will be conducted and comply with the regulatory arrangements of the Ministry.