So what now? Fuel price increases, and palm oil price drops.
This is double trouble for Malaysia. And it is more to Sabah as here, state government is deeply in love with Sawit. I guess state government just never learn - it goes on repeating the same mistake twice.
Previously, we were focus only on timber until much timber resources depleted nearly completely. And now, we are too focus on palm oil, that exposes us to much to the risk of overly dependent on a single source of income. Read on
MIRI, July 26 (Bernama) -- Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui will meet his Indonesian Agriculture Minister Dr Anton Apriyantono in Jakarta next week to discuss measures to be taken concerning the current downward trend of palm oil prices.
Speaking to reporters here Saturday, Chin said the meeting would be significant for both countries as they commanded over 85 percent of the world's palm oil production.
"Malaysia and Indonesia as the producing countries (for palm oil) view this trend with anxiety," he said, adding that all factors that led to the downward trend of the commodity would be analysed at the meeting.
Chin said the price of palm oil had closed at RM3,095 per tonne yesterday and this was way below the average price of RM3,500 per tonne over the last four years.