Demand for bio-diesel has soared due to high price of fossil fuel

The worldwide demand for palm oil for making bio-fuel such as bio-diesel has soared worldwide because of the current high price of fossil fuels and the increasing global warming due to overuse of fossil fuels.

Malaysia expects to mark a record year in terms of export of this “golden oil” judging from this current trend of global demand, said Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui.
“Because of the current sharp hike in demand for palm oil, the price per tonne has also shot up. Due to this, our revenue from exporting this oil has also shot up tremendously this year.

“For the first six months of this year, Malaysia’s revenue from export of palm oil and related products was RM17.9bil, an increase of 23.6% from the RM14.1bil earned during the first six months of last year.

“If this trend continues, this year will be a record year in terms of palm oil earnings,” he said at his office here yesterday.

The Star