JERANTUT, Nov 10 (Bernama) -- Replanting of oil palm trees has pushed upthe price of palm oil in the global market, said Primary IndustriesMinister Datuk Seri Dr Lim Keng Yaik.He said as of July this year, some 165,000 hectares of oil palm trees,aged some 25 years, had been felled and replanted nationwide.
This figure was close to the ministry's target of 200,000 hectares.
"By cutting down the old trees, production of palm oil drops to almost500,000 tonnes a year.
"With this reduction, palm oil price jumps until RM1,550 a tonne now," Limtold reporters after attending a function held by the Jerantut Gerakandivision here yesterday.
He said the government was always looking into ways to increase the priceof the Malaysian palm oil including seeking new markets anddiversification of the commodity's usage.-- BERNAMA