13/09/2008 (Borneo Post Online), Brussels - Malaysia is confident crude palm oil price will remain at the current RM2,500 per tonne level until year-end, quashing concerns by certain quarters that the price will tumble following the slide in global oil price, Malaysian Palm Oil Board (MPOB) chairman Datuk Sabri Ahmad said.

“Last year, the peak was RM4,300 per tonne when the fossil fuel price was at US$143 per barrel. However, now that the fuel price has dwindled to US$110 per barrel, palm oil price will also undergo a correction to about RM2,500 a tonne.

“The RM2,500 a tonne is still a good margin. Hence, the palm oil industry will continue to remain robust. The commodity’s price will remain at the current level until year-end,” he told Bernama on the sidelines of the Joint Malaysia-Indonesia Ministerial Mission to Europe.

Sabri is in the nine-day mission to The Hague, Brussels and London from Sept 7 to address issues on Malaysian palm oil and timber products by European stakeholders.

Plantation Industries and Commodities Minister Datuk Peter Chin is heading the Malaysian delegation for the mission co-organised by the Malaysian Palm Oil Council (MPOC) and the Malaysian Timber Council (MTC).

MPOC chairman Datuk Seri Lee Oi Hian, chief executive officer Tan Sri Dr Yusof Basiron and Director-General Datuk Dr Mohd Basri Wahid and MTC chief executive officer Cheah Kam Huan are in the high-powered delegation.