Commerce found 30% Adding Production Predicted Made Oil Palm Price Remain Low.
18-4-2019—Commerce Minister Miss Chutima Boonyaprapatsorn unveiled Agriculture Minister predicted 30% more Oil Palm production would be added in April-June 2019 supply during three months from now Oil Palm price currently remain low, the price stand at 2.40 Baht/Kg as of April 17,2019.
The prediction has made the price of oil palm could not be raised even by the hard work of Energy Ministry promoted using 20%Palm Oil Mixed diesel or B20 and had Bangprakong Power Plant to buy and to consume in total 260,000 liters of distracted palm oil in the power generation until June-July2019.
The huge increased of palm oil predicted to be baired in the next quater was due to last three years many farmers cut mount of rubber threes and planted oil palm to take rubber tree place and it’s time for oil palm to bare it fruits this year during April to June 2019.
By Energy Ministry’s B20 promotion and Palm Oil Consumed Power Plant policy, it was expected the oil palm price will be raise to be over 3 Baht/Kg by this month (April) but the price disappointed the Minister by moving down in opposite way or 2.40 Baht/Kg as of 17April, 2019.
“Ministry of Agriculture will announce what woul be the exact figure of Oil Palm production this year after the result of oil palm crops inspection made.While PTT had accepted to the B100 production project to absorb more oil palm the over supply situation.Then by the factors of the changing demand and supply the price of oil palm must be later updated.The price could be better after the success of the standardized B100 production project.The adapted trend to increase palm oil consumption in energy supply was happening to palm posters nation including Malaysia and Indonesia which the oil palm price on the both countries are now higher than the palm oil price in Thailand “according to vice Minister Chutima Boonyaprapatsorn.
