Bt2.95 bn subsidies for palm oil
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The National Palm Oil Policy Committee has approved the Commerce Ministry's proposal to buy palm oil from farmers at the total cost of Bt2.95 billion.
Kanit Likhitvidhayavuth, deputy secretary general of the Office of the Agricultural Economics as the spokesman of the committee, said that the purchases will start when oil palm kernel price is below Bt4.20 per kg and when palm oil is below Bt26.20 per kg.
The Public Warehouse Organisation will be in charge of building up stocks.
Of total budget, Bt2.6 billion is set aside for the purchase of up to 100,000 tonnes of palm oil. The rest will finance the inventory cost at Bt214 per tonne per month.
