Crude palm oil prices may rebound to RM1,800-1,900 per tonne soon once the market players return from the Chinese New Year holidays and with the biodiesel factor providing a boost, says a senior industry officer.
This year the price will hover around RM2000 per tonne despite the gloomy economic climate, denting the demand for the commodity, said Malaysia Palm Oil Board (MPOB) director-general Datuk Dr Mohd Basri Wahid.
“The price would be good, not as good as last year, but at least it wouldn’t be as below as RM1,000,” he told a media conference after the first delivery of B5 fuel to government departments.
The first delivery of 38,000 litres of biodiesel known as B5, which contains five per cent palm methyl ester (biodiesel) and 95 per cent petroleum diesel petroleum (B5) will be sent to the Armed Forces and Kuala Lumpur City Hall.
The armed forces consumed 22 million litres of diesel last year while Kuala Lumpur City Hall used 170,000 litres of diesel a month. - Bernama
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