The Star, Wednesday October 4, 2006

Muhyiddin: Palm oil to fetch better prices

MUAR: Demand for bio-diesel fuel will boost palm oil prices, said Agriculture and Agro-Based Industries Minister Tan Sri Muhyiddin Yassin. 

He said economists and those involved in palm oil had predicted that the commodity would fetch better prices with new technologies transforming palm oil into bio-diesel fuel. 

He said it was possible for palm oil prices to increase several fold as had happened to rubber, which now fetched a very high price. 

“If we look at the current trend, demand for palm oil for food production in the world has increased. 

“And the Government has predicted that Europe, Japan and China will use more fuel from palm oil because of high petroleum and diesel prices,” he told reporters after breaking fast with Felda Sri Jaya settlers here recently.  

He gave out Felda's Hari Raya ang pows totalling RM602,350 to 1,692 settlers in five schemes. 

On Umno, he said the supreme council's decision to delay the party election was a sign for leaders and members to focus on the general election. 

Muhyiddin, who is Umno vice-president, said it was a smart move by the council as the decision would stop all plans to campaign by those interested in holding posts in the party.