Thailand will control crude palm oil imports and bottle prices beginning April 7

The Thai Commerce Ministry announced on Monday that it would tighten?palm oil crude exports, and regulate bottled palm oil prices starting?April 7. This is due to a rise in 'biodiesel' demand as a result of the soaring fuel prices worldwide caused by the Middle East conflict.

The ministry stated that these measures, which include the maintenance of energy reserve, will not affect farmers. They will continue to be protected by the government.

According to the Office of Agricultural Economics, Thailand is expected to produce 21,87 million?tons of Palm Oil and 3,94 million tons of Crude Palm Oil in?2026.

Thailand tightened its controls on crude palm oils exports. The order, published in the Royal Gazette Sunday, requires exporters to obtain government approval before shipping their commodity overseas.

The measure will be in effect for one year.

The order to control exports, signed by the Director-General of the Department for Internal Trade under the Commerce Ministry on April 3, requires that exporters provide information such as the country destination, the export volume and the price.

The order stipulated that exporters must submit a bill to the authorities within three days of shipment. Each permit issued under the order is valid for only 30 days.

(source: Reuters)