Regime restricts edible oil imports to reduce foreign exchange spending, market prices rise as quota oil becomes unavailable

As Myanmar faces a severe foreign exchange shortage, the military regime has further restricted and limited the import of edible oil, a basic necessity for the public, leading to an increase in prices in the external market as citizens can no longer purchase quota oil, it has been learned. At a Union meeting of the military regime held in Naypyidaw on July 7, junta leader Min Aung Hlaing stated that a significant amount of foreign currency is being spent annually on the import of fuel oil and edible oil from abroad. Therefore, he added, it is necessary to find and implement methods to reduce the import of fuel oil and edible oil. At the Union meeting of the military regime held in Naypyidaw yesterday, junta leader Min Aung Hlaing stated that a significant amount of foreign currency is being spent annually on the import of fuel oil and edible oil from abroad. He said it is necessary to find and implement methods to reduce the import of fuel oil and edible oil. In recent days, after news emerged on social media that the import quota for palm oil had been reduced by about 60 percent, a resident of Insein Township reported that the palm oil quota (2 viss, 50 ticals) distributed to the basic population could no longer be purchased this week. "Reducing edible oil imports means they are no longer selling it. Those with household registration were given 50 ticals per week with a book. Starting this week, we can no longer get oil. Even if you order online from the Palm Oil Association, you can only get 2 viss, 50 ticals. But when I called this week, all the phones were turned off," a woman residing in Insein Township told the Irrawaddy Times. Currently, the market price of palm oil, which is mainly consumed by most basic households, is around 16,000 kyats per viss in the external market, with a 50-tical bottle of vegetable oil costing 8,000 kyats, and peanut oil costing around 24,000 kyats per viss, according to market inquiries. Due to the irregular supply and shortages resulting from the military regime's palm oil quota system, the prices of vegetable oil, sunflower oil, and peanut oil in the external market have further increased by 2,000 to 5,000 kyats per viss, according to some oil traders. Since the military coup, the consumption and purchase of palm oil, a basic foodstuff, have been restricted in various ways domestically, and imports of sunflower oil and vegetable oil from abroad have also been blocked and controlled, causing the public to lose access to basic food and the right to eat nutritiously. Photo – MOI Caption – Photo of palm oil being sold by the Myanmar Oil Traders and Oil Businessmen Association (old photo)