Thailand: Palm oil exports halted as prices rise

The Ministry of Commerce has banned palm oil exports to increase emergency stocks, while requesting cooperation from retail stores to maintain the price of bottled palm oil. Commerce Minister Pichai Naripthaphan said the local price of domestic fresh palm nuts had increased as supply dwindled, causing the Department of Internal Trade to ban palm oil exports with immediate effect to ensure adequate stocks. The department may also cap the price of bottled palm oil, or reduce the use of palm oil in biodiesel production to leave more for consumption. The Thai Wholesale and Retail Trade Association reported the price of bottled palm oil had increased recently by 10 baht per litre, to more than 50 baht. The uptick was attributed to higher fresh palm nut prices of 8-9 baht per kilogramme, as a result of the dry season. If the price of bottled palm oil rises too high, the ministry may consider imports, though it said there is no need for them at the moment. The ministry is seeking ...