Crude palm oil prices have been on a downward trend, falling from RM6,753.50 a tonne on June 7 to RM5,046 a tonne on June 22. – The Malaysian Insight file pic, July 3, 2022.
She said that CPO prices were expected to drop by the end of the year but this had occurred earlier as a result of Indonesia’s palm oil export ban and the Russia-Ukraine conflict. “This is what I had expected, that the new norm would be between RM4,500 and RM5,000 a tonne. Nevertheless, palm oil producers are still enjoying high prices and they are still getting a high income,” she said.
Meanwhile, Zuraida said the government will not hesitate to withdraw or suspend the licences of the 1kg packet cooking oil manufacturers if there were proof that they are selling the goods on the black market.
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