The possibility of further increase in the price of palm oil

People associated with the palm oil industry say that palm oil prices are likely to rise further as excessive rains in producing countries are severely affecting the palm oil crop.

According to the details, there is a strong possibility of increasing the prices of palm oil due to the decrease in production and strong demand due to heavy rains.

A foreign news agency According to the report Palm oil prices rose by nearly 20 percent this month, the highest level since March this year.

The industrialists are also worried that the effects of inflation in the world due to the ongoing war between Russia and Ukraine will affect the prices of palm oil.

They say rising oil prices will add to the financial burden of already stressed consumers, but higher exports and lower production should help reduce reserves in major palm oil producers Indonesia and Malaysia and push prices up. will

The producers say that in the month of November, the shipment of crude palm oil to India, the world’s largest importer of palm oil, is being provided at the rate of 976 dollars per ton, including other costs.

In this regard, an Indian oil dealer says that if Indonesia decides to restore export duties, the price of palm oil per ton may go up to 1100 dollars.

It should be remembered that the production of palm oil in Indonesia and Malaysia starts to decrease from the month of November, which is more than 80% of the world production.

But production is expected to fall further this year as torrential and heavy rains are forecast in Southeast Asia this year.

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Due to floods and heavy rains, it is difficult for laborers working in the fields to harvest the palm oil and transport it to the factories for processing.

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