Gen Prawit to propose new palm oil purchasing regulation

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BANGKOK, 2 May 2015 – The government is expected to approve a new palm oil purchasing regulation at the next meeting of the Oil Palm Policy Committee, according to Deputy Prime Minister and Defence Minister Prawit Wongsuwan.

The new rule would pay growers based on the percentage of oil that can be extracted from oil palm; the agreed rate is at 4 baht a kilogram for palm nuts with 17% oil content.

The minister said the ministries of Commerce and Agriculture as well as growers, conceded that the new rate would ensure fairness to growers. Currently oil palm produce diminished significantly due to drought. The palm oil extracted has reduced from the usual 17 percent to 15-16 percent.