Commerce Ministry to adjust price of raw palm oil

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BANGKOK, 3 September 2015 -The Ministry of Commerce has said the buying price of raw palm fruits may have to be revised down as global prices of palm oil have decreased. 

According to the Commerce Minister, Apiradee Tantraporn, a meeting has recently been held among farmers, palm oil manufacturers and Commerce Industry officials to determine the new buying price per kilogram of palm kernels containing at least 17% of oil, which currently fetches 4.20 baht.

The decision came after the global prices of palm oil have declined significantly. The price of raw palm oil in Malaysia has also dropped from 22 baht to 15 baht per kilogram.The officials are expected to propose the new price to the relevant committee on September 7th after reaching a conclusion.