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Higher palm pricing reached after government measures
BANGKOK, 17 June 2019 (NNT) – The Prime Minister is satisfied with higher palm fruit pricing resulting from government measures, urging the private sector to price palm oil so as to reflect farmers actual costs and prevent market distortions.
Deputy Government Spokesperson Lt Gen Werachon Sukondhapatipak disclosed today that Prime Minister Gen Prayut Chan-o-cha is satisfied with the rise in price of fresh palm fruit by 1.8 baht per kilogram, resulting in a 3.2-3.5 baht per kilogram selling price, and the adjustment of crude palm oil pricing from 15 to 20 baht, both of which result from government measures such as the use of crude palm oil for electricity generation, and the promotion of B20 biodiesel for usage in large trucks,
“It is expected fresh palm fruit pricing may reach 4 baht per kilogram pending on an increase in B10 and B20 biodiesel consumption, while the quantity of crude palm oil in-stock has declined from 400,000 to 300,000 tons, which is much closer to the 250,000 ton target.”
On the decision by some shopping malls to increase the retail price of cooking palm oil by 10 baht per bottle claiming it was the policy of the Department of Internal Trade, the deputy government spokesman said the government is only asking retailers to adjust retail pricing of palm oil to reflect the actual cost of production, as the sale of this product below the cost price is considered market distortion which will sabotage competitors, and is illegal.
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