PETALING JAYA: Malaysia and Indonesia have both agreed that the neighbouring countries should not compete over the price of palm oil, Prime Minister Ismail Sabri Yaakob said today.
Ismail said the two nations also agreed that the global price of palm oil should be determined by Malaysia and Indonesia since they were the biggest exporters of the commodity, Reuters reported.
“The price of palm oil should be jointly determined by Malaysia and Indonesia and there should be no competition in terms of pricing,” he said after a meeting with Indonesia’s president Joko Widodo in Jakarta today.
However, according to Reuters, Widodo made no mention of palm oil in his statement to the media following the meeting.
Malaysia and Indonesia account for around 85% of global palm oil production. But Indonesia was reportedly struggling to control the prices of cooking oil as producers refer to global prices in their production costs.
Indonesian authorities previously said domestic and international prices should not be linked.
Indonesia had restricted its export volumes for palm oil earlier this year and capped crude palm oil and olein prices sold domestically. However, these policies were eventually scrapped. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.