Yangon, June (9)
Due to restrictions imposed by the coup junta, there is a shortage of palm oil in the market, traders told Than Lwin Times.
The shortage of palm oil is due to restrictions on the import of palm oil from abroad and the issuance of import permits.So there has been a shortage of palm oil in the market for almost two weeks. Currently, only vegetable oils are traded, a palm oil trader told Than Lwin Times.
“They want to limit the dollar, so they restrict imports. Palm oil has been off the market for almost two weeks. We are selling only vegetable oil,” he said.
Palm oil traders said the shortage of palm oil could push up prices in the market and lead to more palm oil shortages in the coming months.
The price of palm oil, which was only 2,400 kyats per viss before the coup, rose to 8,000 kyats this June.
Due to insufficient domestic consumption, Myanmar imports large quantities of oil every year.
Indonesia, Malaysia, and Thailand are the leading suppliers of edible oils.
Since the military coup, the price of cooking oil has increased nearly fourfold in just over a year of military takeover.
News – Than Lwin Times
Thanlwintimes