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BANGKOK, 7 February 2011 (NNT) – The Commerce Ministry has admitted that the first lot of imported palm oil is being used up; hence, the next lot of 120,000 tons should arrive by the end of this month.
Commerce Minister Pornthiva Nakasai indicated that the first import of 30,000 tons of palm oil from Malaysia had not been able to entirely compensate for the country’s shortage. She then suggested that the second batch of 120,000 tons recently approved by the National Palm Oil Policy Committee would need to be acquired within February, citing the public’s rapid consumption of the first lot.
As the incoming lot will be halved into two deliveries, the Ministry is now expediting the arrival of the first portion before the country completely runs out of palm oil expectedly on 20 February. Ms Pornthiva assured that the shortage situation is being monitored closely.
The price of palm oil in the world market presently stands at 1,300 USD per ton. However, no conclusion has been reached on whether the price of the imported palm oil would be the same as the global price and whether the product would still be distributed to consumers at the rate of 47 THB per bottle.