Palm oil will be imported from Malaysia by the end of January

BANGKOK, 6 January 2011 (NNT) -The National Palm Oil Policy Committee has given a green light to the proposed import of 30,000 tons of palm oil from Malaysia.

After presiding over a meeting with the National Palm Oil Policy Committee, Deputy Prime Minister Suthep Thaugsuban disclosed that the committee had given a nod to the proposed import of 30,000 tons of palm oil from Malaysia to ease the shortage in the country. The Marketing Organization will be in charge of importing the oil on the condition that the whole process must be completed by the end of January, for fear that it might affect the prices of the new crop of local palm fruit expected to hit the market no later than March.

Local oil palm is selling at 7.40 baht/kilogram currently. Although the price is high, supply is limited thanks to the floods that hit plantation areas last year and the fact that palm fruit is used as raw material in making bio-diesel.. Meanwhile, palm oil producers have asked for an increase of 10 baht for a bottle of cooking palm oil.