In the midst of the global palm oil crisis following Indonesia’s export ban, palm oil farmers, extractors, and producers are promising Thailand’s Internal Trade department that they will cap the price on the product. The Internal Trade Department’s chief said the 3 groups were told that an export ban may be considered if palm oil stocks fall below 300,000 tonnes.
Ahead of Indonesia’s export ban that began on April 28, palm oil extractors rushed to up their stocks. The 3 groups have now promised the Internal Trade Department that they will try to keep the palm oil price from 64-66 baht per litre. In shops, however, the price has already made its way to 69 and 70 baht per litre. In Krabi and Surat Thani, the price of palm oil seeds jumped to 12 baht per kilogram on Thursday.
Indonesia’s ban on exporting palm oil has plunged much of the world into a conundrum. Earlier this…
