BAGAN DATOH: The Ministry Of Plantation Industries and Commodities (MPIC) plans to introduce strategies in an effort to boost palm oil price.
Its minister, Datuk Amar Douglas Uggah Embas said the ministry would make suggestions to the government to extend the use of palm oil in industries to re-implement the replanting incentive.
“We will submit a Cabinet paper on the matter in two weeks,” he told reporters after a working visit to United Plantations Bhd (UPB) at Jenderata Estate near here yesterday.
Uggah said if the ministry’s recommendations were accepted by the government, it would take about a month to adjust.
He said the country’s palm oil inventory stands at 2.2 million metric tonnes currently.
Uggah said the ministry expected the price of palm oil to stabilise by year-end.
“If the use of palm oil is extended to industries, we can use up to 300,000 metric tonnes. Now our agenda is to use
the excessive stock,” he added.
Meanwhile, on his visit to UPB, Uggah said he was impressed with how the company incorporated the principles of people, profit and environment into its plantation operations.
“The company also takes into account and pay attention to employees’ welfare and environment,” he said, urging other plantations to emulate UPB. — Bernama