Domestic oil prices jump after FATF blacklist on Myanmar

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Mawlamyine, October (25)

The price of palm oil in Myanmar instantly increased following the Financial Action Task Force (FATF) added Myanmar to its blacklist.

Recently, the price of palm oil dropped after rising with the dollar, but it quickly spiked again once the nation was placed on the FATF’s blacklist.

The price of palm oil jumped from around 6,500 kyats per viss before being blacklisted to more than 9,500 kyats per viss on October 24.

Additionally, palm oil suppliers claimed that it is challenging to identify the fixed price because palm oil prices are unstable on the market and fluctuate over time.

A palm oil trader said that this is because Myanmar is buying dollars in a rush after being blacklisted by the FATF.

Along with the rise in the price of palm oil, there was less trading in the market and a temporary stoppage of oil imports.

The price of palm oil has risen from around 2,400 kyats per viss before the military coup, to now around 10,000 kyats per viss with price volatility.

In Myanmar, palm oil is mainly imported from Indonesia, Malaysia, and Thailand, and only a small amount of domestically produced peanut oil, sesame oil, sunflower oil, and other fruit oils has been exported.

News – Than Lwin Times

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