25 April 2024
The Department of Consumer Affairs announced today that action will be taken against those selling palm oil with a higher profit percentage than the reference price.
Ministry of Economy and Commerce, the Edible Oil Import, Storage and Distribution Business Supervision Committee is working to regulate the local palm oil prices in accordance with the changes in world prices, and is issuing the wholesale reference price based on the Yangon Dock Market to be traded in the local market.
Now, some palm oil distributors in some local townships have been found to be selling with a high percentage of profit in addition to the transportation costs that should be on the reference price.
Therefore, in the domestic market, palm oil is being sold at a price increase without greed. It has been notified that any fraudulent activity, including stocking for the purpose of speculation, will be effectively prosecuted under the Important Goods and Services Act.
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