Commerce Ministry takes steps towards reducing price of palm oil

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Commerce Minister Jurin Laksanawisit has told the Department of Internal Trade (DIT) to cut the price of palm oil by Bt2 to Bt3 to ease the burden on consumers during the Covid-19 crisis.

He said that over the past few days, entrepreneurs have been selling palm oil at the highest specified price of Bt42 per bottle, which is causing a burden on consumers.

“This is why we have appointed DIT to have entrepreneurs to bring the price down to Bt39 and Bt40 per litre bottle depending on brands,” he said.

The minister added that the price of palm oil will be controlled as the ministry is cooperating with refineries to purchase more palm oil and helping ease transportation problems during the lockdown.

“The ministry is also cooperating with the Energy Ministry to continue promoting B10 fuel and using palm oil to produce electricity, which is pushing up the price during this time,” he said.

“We have also issued a policy guaranteeing the price of palm oil with an oil percentage of 18 per cent at Bt4 per kilo to help oil palm farmers as well.”