KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) on Friday launched a reference price portal to encourage the domestic market for used cooking oil, which is a feedstock for biodiesel and sustainable aviation fuel.
The launch of the average price data is part of government efforts to enhance market transparency on pricing and reduce uncertainty within the palm oil industry value chain, MPOB said in a statement, saying the reference price would provide a reliable benchmark for transactions.
"This initiative not only strengthens the integrity of the domestic used cooking oil market but also aligns with the government's aspirations in driving the circular economy, with the benefit of used cooking oil as a high-value raw material," MPOB Director General Ahmad Parveez Ghulam Kadir said.
In January, the board had said it would introduce an official reference price for used cooking oil in the first quarter to prevent price manipulation. - Reuters
