Boosting Production: Around 50,000 Tons Of Edible Oil Imported

The government is making efforts to boost production of edible oil for sufficient supply in local market.

There are over 3,000 Oil Mills in the country, and the production of edible oil is about 100,000 ton per year.

The statistics shows that there are about 900,000 to 1 million tons of local consuming per year, and it has to import around 80,000 tons of edible oil per year till October last year.

With the increase production locally, there are around 50,000 tons of edible oil have to import at present, which help to reduce the use of foreign currency. 

The price of edible oil increased recently due to the high price of foreign currency exchange rate. The Central Bank of Myanmar allowed the importer companies to buy foreign currency with their designated price for distribution of edible oil with reasonable price.

Myanmar Edible Oil Dealers Association distributes edible oil to the regions and states with only 2% profits on net price.

Consumer, Yee Yee Aye said “We have eighteen family members in my family and spend about 1 viss of edible oil per month. I come here to buy the edible oil that are being sold by Myanmar Edible Oil Dealers Association.”

Consumer, Aye Aye Myo said “The price for a bottle of 0.5 viss edible oil is 8,000 kyat at the market and I get it with 7,000 kyat here. So, I can save money.”

According to the Ministry of Commerce, the amount for edible oil import is over 300 million USD during the mini budget year, which previously cost about 800 million.