Malaysia forecasts higher palm oil prices on biofuels

Malaysia, the world’s largest palm oil producer, may export 4.4% more of the commodity next year as output and prices surge amid rising interest in its use as a fuel additive, the government forecast.

Palm oil prices have risen to their highest in more than two years, spurred by rising demand from China, the US and Europe for the commodity as a renewable fuel, and its traditional use as a cooking oil. Higher crude oil costs have made biofuels —diesel and gasoline mixed with natural additives—more competitive.
Financial Express