YESTERDAY morning, I watched Primary Industries Minister Teresa Kok in Parliament responding to questions from the opposition regarding the fall in the price of palm oil. While agreeing that it is a matter of concern, the minister explained that the price of the commodity is market driven, that is by supply and demand.
Malaysia has gone into palm oil production in such a big way in the plantation sector that it is now the country’s most prominent agricultural commodity, relegating into the background other crops that we were once well known, such as rubber, coconut and cocoa.
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