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Palm oil price guaranteed at four baht per kilogram

Commerce Minister Jurin said the price guarantee measure is one of the measures to deal with low palm oil prices. Other measures, such as using biodiesel B10 to produce electricity and tackling palm oil smuggling, have to be implemented

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BANGKOK, 8th August 2019 (NNT) – One of the government’s urgent policies is to help farmers by adopting a minimum income guarantee.

The Commerce Minister, Jurin Laksanawisit, on Wednesday (Aug 7) delivered his work policy to his ministry’s executives. The policy focuses on improving the prices of five main crops, including rice, cassava, para rubber, palm oil and maize, starting with guaranteeing the palm oil price at four baht per kilogram.

A meeting between the government, the private sector and farmers was held to seek solutions to the palm oil price issue.

The meeting resolved to guarantee the price of palm oil with 18% of oil content at four baht a kilogram. Small farmers who are eligible for the farm price guarantee have to register with the government, under a quota of 1025 rai per household.

They will receive their payments every three months, or four times a year, via the Bank for Agriculture and Agricultural Cooperatives (BAAC). A subcommittee will calculate the difference between the guarantee price and the market value every 15 days.

This resolution will be proposed to the National Oil Palm Policy Committee, chaired by the Deputy Prime Minister, Dr. Somkid Jatusripitak. The committee will then forward the proposal to the cabinet meeting for consideration.

Commerce Minister Jurin said the price guarantee measure is one of the measures to deal with low palm oil prices. Other measures, such as using biodiesel B10 to produce electricity and tackling palm oil smuggling, have to be implemented to ensure its effectiveness.

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