June 24, 2024
NAYPYIDAW – Daily inspections are being conducted on the prices of rice, medicines and palm oil, and actions will be taken for any price increases according to U Kyaw Kyaw Lwin, Head of the Yangon Region, Department of Consumer Affairs of the Ministry of Commerce.
“We are inspecting the high prices of medicines, palm oil, and rice, similar to how we control palm oil prices. Since last April and May, we have been inspecting medicine warehouses and rice shops to control high prices. This process is conducted daily, and we are raising awareness to take action if prices are too high, ensuring there is no shortage of goods,” U Kyaw Kyaw Lwin explained.
He mentioned that there have been no recent incidents of overcharging for drugs. Regarding palm oil, he noted that measures will be taken against sellers not adhering to the reference price. “We have clarified to all traders that action will be taken under the Important Commodities Act if oil sellers do not follow the specified reference price. This was communicated yesterday (June 20) at the UMFCCI wedding hall, led by the Minister of Economic and the Regional Government. We informed over 400 wholesalers,” U Kyaw Kyaw Lwin added.
The Department of Consumer Affairs announced on May 8 that some palm oil distributors in some local townships are making additional sales at a high profit percentage in addition to the transportation costs that should be on the set reference price.
As a result, the price of palm oil in the domestic market is raised and sold greedily. The Department of Consumer Affairs has issued a notification that any fraudulent activities including stocking for the purpose of manipulating the prices will be taken effective action under the Essential Supplies and Services Law.
The Department of Consumer Affairs in Myanmar has issued a statement on May 8, warning that certain distributors of palm oil in various townships have been selling the product at significantly higher profit margins than the designated target prices, including transportation costs.
The Department of Consumer Affairs has warned that any fraudulent activities, including hoarding for gambling purposes, will face strict enforcement under the Essential Supplies and Services Law.
Furthermore, the Myanmar Edible Oil Dealers Association have also released statements, such as setting profit ratio to 2% and not to mix with other cooking oils.
The distributers in the market from Yangon and other regions have been warned to adhere strictly to the weekly target prices set for palm oil, including justifiable transportation costs and a reasonable profit margin as well as not to resell with high profit ratio.
Therefore, merchants from Yangon and other regions respectively have been instructed not to engage in hoarding with the intent of price speculation, price hiking, or mixing with other oils, which are deemed unethical practices.
In addition, industrial users who import palm oil for their operations have been strongly advised by the association to use the oil solely for their business purposes and not to resell it in the market.
The association, in collaboration with relevant ministries and organizations, is working towards ensuring a stable supply of safe and healthy edible oils for domestic consumption.