KUALA LUMPUR – The price of crude palm oil has increased by 77.17%, or RM1,560.50, to RM3,581.50 per tonne on November 19, compared with its lowest price this year at RM2,021.50 on May 12, the Dewan Rakyat was told today.
Plantation Industries and Commodities deputy minister (I) Datuk Seri Wee Jeck Seng said in his reply to Ahmad Fadhli Shaari (PAS-Pasir Mas) that this was partially due to the government’s efforts.
“This shows that the government has successfully increased the price of palm oil. The government had announced a 100% export duty exemption on crude palm oil, crude palm kernel oil, and processed palm kernel oil from July 1 to December 31 through Penjana,” said Wee.
“This was intended to manage and stabilise the palm oil price. It will encourage the industry to export more palm oil and help generate more income.”
He said that the Malaysian Sustainable Palm Oil (MSPO) certificate ensures that palm oil smallholders and plantations will be able to grow their crops in a sustainable and more profitable manner.
Wee said that MSPO-certified smallholders and plantations are trained to have good agricultural practices, reduce costs, increase administrative efficiency, and increase crop productivity.
He also said that MSPO also guarantees international palm oil users that Malaysian palm oil is a sustainable crop. – The Vibes, November 23, 2020
