Cooking Oil Prices in Sittwe Soar by Over 10,000 Kyats per Liter

Arakha Times, 5 December 2024

In Sittwe, the capital of Rakhine State, the price of cooking oil has risen sharply this week, exceeding 10,000 kyats per liter and reaching 22,000 kyats, according to local residents.

A popular brand of cooking oil, Good Choice, has seen its price skyrocket from 7,000 kyats per liter to 12,000 kyats, and now to 22,000 kyats, a Sittwe resident reported.

“The prices are very high. Even 1 liter of cooking oil—Good Choice—now costs about 22,000 kyats. Previously, it was just 6,500 to 7,000 kyats. It went up to 12,000 and now it’s 22,000. That’s an increase of about 10,000 kyats in such a short time, just within a week,” the resident told Arakha Times.

Essential goods for Sittwe must be transported by ship from Yangon via waterways.

Even palm oil, which is typically consumed by lower-income families, now costs nearly 20,000 kyats per kilo in Sittwe. Similarly, fuel prices have surged, with 1 liter of fuel oil costing around 32,000 kyats in Sittwe, compared to just 3,000 kyats in Yangon.

In contrast, some commodities have seen a drop in price. A bag of Paw Sann Nhwe rice imported from Yangon has decreased by approximately 20,000 kyats, according to another Sittwe resident.

“Some traders are manipulating prices by hoarding goods and claiming there’s a shortage, causing prices to rise automatically. Palm oil costs around 18,000 or 19,000 kyats per kilo. Soybean oil is not available at all. On the other hand, rice is a little cheaper now. The best quality rice costs 26,000 kyats, which is down by about 20,000 kyats,” the resident explained.

Since November 13, 2023, road and water transport to and from Rakhine State, including Sittwe, has been restricted. Despite this, the military council has been transporting goods to Sittwe and Kyaukphyu via waterways.