Residents of the capital Naypyidaw told DVB that one viss (1.8 liters) of edible palm oil costs as high as 17,000 MMK ($4 USD) in the retail market on March 31 although the regime-controlled Supervisory Committee on Edible Oil Import and Distribution under the Ministry of Commerce set the reference rate at 6,600 MMK ($1.5 USD) last month.
“No one sells palm oil at the reference rate,” a resident of Tatkon Township told DVB on the condition of anonymity. Tatkon is located 37 miles (59 km) north of Naypyidaw.
A retailer at the Naypyidaw Town Market told DVB on the condition of anonymity that rising transportation fares due to fuel shortages attributed to a price hike in edible oil, which is a basic commodity used in cooking and food preparation.
Traders in Yangon Region told DVB that one viss of palm oil costs 16,000 MMK ($3.8 USD). They added that the peanut oil price increased from 21,000-27,000 MMK ($5-6.4 USD) per viss on the retail market last month, due to rising peanut prices which went from 10,000-13,000 MMK ($2.3-3 USD) per viss (1.63 kg) within a month.
A rise in fuel prices due to the war in Iran since Feb. 28, along with increasing power cuts, has driven up expenses, according to oil millers.
One litre of 92-octane gasoline increased 3,610-4,450 MMK ($0.80-1.05 USD) with 95-octane gasoline up 3,850-4,975 MMK ($0.90-1.1 USD).
Diesel rose 4,390-5,450 MMK ($1-1.2 USD) with premium diesel 4,820-6,085 MMK ($1.1-1.4 USD) March 25 to April 1, according to the regime-controlled Petroleum Products Regulatory Department.
On March 22, the regime’s National Defence and Security Council (NDSC) restricted vehicle owners from purchasing fuel from once every 24 hours to once or twice a week depending on the vehicle’s engine power.
The regime’s Ministry of Electric Power introduced nationwide “planned load shedding,” or rolling power cuts, starting on March 18 and set to continue until June.
Pro-regime media reported that electricity will be distributed in two groups on a rotating four-hour schedule between 9 a.m. and 9 p.m. in Yangon Region.
Myanmar consumes 4,664 megawatts of electricity per day but can generate only 3,600 MW—about 77 per cent of demand—according to the ministry.
Regime media reported that the regime’s Central Bank of Myanmar (CBM) sold over $2.3 million USD to fuel oil importing companies in an attempt to stabilize prices on March 30.
This follows injections of $400,000 USD for edible oil importers and $3 million USD for fuel oil importers on March 26.
