Palm oil quotas to be increased and distributed for Yangon Region

It has been learned from the Myanmar Oil Traders and Businessmen Association that palm oil quotas for the Yangon Region will be increased and distributed in July. It has been learned that after palm oil quotas for the Yangon Region were reduced in the past month, the quotas will be increased again next week. An official from the Myanmar Oil Traders and Businessmen Association said, "The oil quota has been increased. In about three or four more days, the market will return to normal." It has been learned that after the palm oil quota for the Yangon Region was set at 6,015 tons in the past few days, it will be increased to over 12,000 tons starting next week. As the palm oil quotas were reduced, the market price of palm oil outside the quota rose to over 15,000 kyats in the past few days. "The price went up. Before, it didn't exceed 10,000 kyats per viss. In the past few days, I bought it for 16,000 kyats. I couldn't not buy it. Without this oil, the business wouldn't be viable," said a milk tea shop owner in Thangangyun Township. It has been learned from the oil market that as palm oil quotas will be increased and distributed to the market, oil prices will also fall. "When the oil comes back, the prices will drop. In about three or four more days, oil will enter the market," said a person involved in oil trading. A meeting was held at the office of the Myanmar Oil Traders and Businessmen Association on July 12 to discuss the increased distribution of palm oil in July to Nay Pyi Taw, Yangon Region, and Mandalay Region. It was learned that discussions were held on ensuring that the increased tonnage for July reaches consumers in the respective regions in a timely manner, that the regional wholesale and retail agents appointed by the companies distribute and sell at the designated reference prices as quickly as possible, and that oil is quickly transported from the various oil storage tanks in Yangon Region.