Commerce Ministry meets palm oil producers to tackle shortage

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BANGKOK, 17 April 2012  – The Commerce Minister has discussed with palm oil refiners measures to tackle the palm oil shortage problem, while the retail palm oil price remains pegged at 42 baht per bottle. 

The Ministry and the refiners have assessed the palm oil market situation in light of the drop in production and increase in demand.

According to the Agriculture and Cooperatives Ministry, palm oil production is expected to decline in March and April, while the stock of raw palm oil is also expected to decrease. Internal Trade Department Director-General Vachari Vimooktayon said if the production continues to drop, shortage will be imminent; therefore, the Commerce Ministry has planned to import palm oil from abroad.

Ms Vachari also added that the retail price of refined palm oil is still capped at 42 baht per bottle and refiners have not asked for any price adjustment but for raw palm oil price control instead, so that they can continue to sell palm cooking oil at 42 baht per bottle as demanded by the Ministry.