Palm Oil Distribution: Palm oil import and Supply situation

The President's Office Spokesperson Dr. Khaing Khaing Soe explained the country's palm oil import and consumption situation amid recent reports of rising market prices. She said the government is prioritizing efforts to ensure a stable supply of edible oil and addressed concerns over the current palm oil market and import conditions highlighted by some media outlets. She added that more than 50,000 tons of palm oil have been imported each month to meet domestic demand, at a cost of over 58 million US dollars. The imported palm oil has been distributed to consumers at a government-designated price, with the largest share allocated to Yangon Region, where most of the country's population resides. Myanmar produces about 280,000 tons of edible oil annually and has imported more than 640,000 tons of palm oil to meet local demand, bringing the total edible oil supply to more than 921,000 tons. She said palm oil imports depend on the availability of foreign currency, which has resulted in a reduction in the distribution quota. As a long-term strategy, the government is expanding oil crop cultivation, increasing domestic production, and importing spare parts for oil mills. These measures are aimed at achieving self-sufficiency in edible oil production and reducing the country's reliance on foreign currency. Dr. Khaing Khaing Soe also said authorities are closely monitoring and taking action against the sale of palm oil at excessively high prices to protect consumers.