Investigation to be conducted to prevent public from suffering losses due to edible oil price between K18,000 and K20,000 per viss in market

Regarding the fact that edible oil is being sold at between K18,000 and K20,000 per viss in the market, investigations are being carried out to prevent the public from suffering losses, said Dr. Khine Khine Soe, the spokesperson for the State Administration Council. In response to reports seen in the media that the public is currently buying edible oil at the market price of between K18,000 and K20,000 per viss, Dr. Khine Khine Soe, the spokesperson for the State Administration Council, clarified the matter on her Telegram account. Although the state is currently distributing edible oil at affordable prices, some members of the public are still buying it at high prices in the market, said the spokesperson for the State Administration Council. "Although the state is selling oil at between K7,000 and K9,000 per viss, the reason why edible oil is being sold at between K18,000 and K20,000 per viss when it reaches the hands of the public who do not have purchase books is due to profiteers. Therefore, I would like to say that investigations are being carried out to prevent the public from suffering losses," said the spokesperson for the State Administration Council. The state is prioritizing the sufficiency of edible oil supply, and to ensure that the public's demand for edible oil is not interrupted and that the market remains stable, the state is continuously importing edible oil after carefully considering the foreign exchange situation, said the spokesperson for the State Administration Council. Efforts are also being made to ensure sufficient supply of edible oil in major cities, including Yangon Region and Nay Pyi Taw, and to meet the public's demand for edible oil, the state imports over 50,000 tons of edible oil per month, he said. This is being done at a cost of over US$58 million for over 50,000 tons at US$1,150 per ton, and the imported edible oil is being distributed at the designated reference price, and arrangements have been made for the public who have edible oil purchase books to buy it at affordable prices, he further clarified. "Especially in Yangon Region, due to the large population and high consumption demand, a larger quota has been allocated compared to other regions. In Yangon Region, a quota of 24 ticals (approximately 15 grams) per person per month has been allocated," said Dr. Khine Khine Soe, the spokesperson for the State Administration Council. In Myanmar, about 280,000 tons of edible oil are produced annually from groundnuts, soybeans, sunflowers, and sesame seeds, but this amount is insufficient to meet the public's demand for edible oil, so over 640,000 tons of edible oil are imported from abroad. Combining domestic production and imports, the total edible oil available in a year is over 921,000 tons, he said. When this amount is calculated with Myanmar's population of 51 million, it is found that each person consumes an average of about 11 viss of edible oil per year. According to the recommendations of the World Health Organization (WHO), a person should consume only about 6.5 viss of edible oil per year, but in Myanmar, consumption far exceeds the required amount, said Dr. Khine Khine Soe, the spokesperson for the State Administration Council.