KUALA LUMPUR, Oct 15 (Bernama) -- The Primary Industries Minister DatukSeri Dr Lim Keng Yaik said that he would meet the shipping insurancecompanies to talk on the war-risk premium which it has affected the marketfor palm oil.
The purchase price of palm oil now includes war-risk charges in the wakeof the continuing US-led reprisal attacks on Afghanistan.
"There is no bombing in Pakistan, the war has nothing to do with Pakistanand the Suez Canal, but the shipping and insurance companies are takingadvantage of the situation and raising the premiums on shipping," he saidto reporters after launching an oil palm biomass seminar here Monday.
He said these parties has taken advantage of the war but in actual factthere is no war in Pakistan.
"We have to tell them (insurers) don't take advantage of the situation anddon't go into profitteering," he noted.
As a result of the uncertainties, Dr Lim said, the palm oil industry hadbeen affected by the so-called Afghanistan war especially in the marketingof the commodity to Pakistan and West Asia.