Thailand sets guaranteed palm oil price
The National Oil Palm Policy Committee of Thailand has approved a guaranteed price for palm oil and will submit the guarantee to the cabinet for approval within two weeks.
Illustrative image (Source: malaymail.com)Hanoi (VNA) – The National Oil Palm Policy Committee of Thailand has approved a guaranteed price for palm oil and will submit the guarantee to the cabinet for approval within two weeks.
The palm nut guaranteed price is set at 4 THB a kilogramme and growers will receive the price for no more than 4 hectares, Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said after the committee’s meeting on August 19.
Some 300,000 palm oil farmers are expected to join the programme, he said.
Once approved, farmers wanting to join the programme can register with the Ministry of Agriculture and Cooperatives.
The committee has not announced the budget for this programme as it will depend on how many farmers join and the market price when the programme becomes effective, according to Jurin.
This will be discussed at cabinet level for further approval, he said.
Meanwhile, the committee also approved other measures to improve palm oil price including enforcing the use of B10 grade biodiesel in the transportation sector by the end of 2019.
The Electricity Generating Authority of Thailand (EGAT) is continuing to buy crude palm oil to produce electricity at Bang Pakong Power Plant under a quota approved by the cabinet of about 130,000 tonnes.
In June, the National Oil Palm Policy Committee approved a revised palm oil strategy to fit the national 20-year strategy (2018-2037).
The strategy covers six areas, including production, innovation, standards, energy, marketing and management.
The committee agreed that Thailand should focus on innovation, increase the value of palm products and develop oleo, a raw material for cosmetics, soaps and chemicals.–VNA
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