MARKET DEVELOPMENT
Ministry of Commerce Eyes an Increase in Demand for Palm Oil
Ministry of Commerce Eyes an Increase in Demand for Palm Oil
16/04/2014 (NNT) - The Ministry of Commerce has discussed with the relevant authorities a revision of bio-diesel proportions, consistent with growing palm oil supplies.
In April, 1,242,204 tonnes of oil palm nut was produced while 211,175 tonnes of crude palm oil was processed, which is much higher than the current demand of 140,000-150,000 tonnes a month, reported Somchart Soithong, Director-General of the Internal Trade Department.
Furthermore, the supply is expected by the Ministry of Agriculture and Cooperatives to increase between May and July, though the price is expected to be lower.
The Ministry of Commerce, Ministry of Energy, and the Ministry of Agriculture and Cooperatives have therefore discussed increasing the bio-diesel in diesel fuel from 4 percent (B4) to 7 percent (B7), in order to utilize the increasing supplies.
He further said that since palm oil stocks are in line with domestic demand, imported palm oil had not been required.
In April, 1,242,204 tonnes of oil palm nut was produced while 211,175 tonnes of crude palm oil was processed, which is much higher than the current demand of 140,000-150,000 tonnes a month, reported Somchart Soithong, Director-General of the Internal Trade Department.
Furthermore, the supply is expected by the Ministry of Agriculture and Cooperatives to increase between May and July, though the price is expected to be lower.
The Ministry of Commerce, Ministry of Energy, and the Ministry of Agriculture and Cooperatives have therefore discussed increasing the bio-diesel in diesel fuel from 4 percent (B4) to 7 percent (B7), in order to utilize the increasing supplies.
He further said that since palm oil stocks are in line with domestic demand, imported palm oil had not been required.