The Government is considering a reduction in the Malaysian Palm Oil Board cess payment or even suspend it for a certain period to assist planters in dire straits.
Primary Industries and Commodities Minister Datuk Peter Chin Fah Kui said the Government was willing to look into these options if there was justification that “the cess is truly burdening local planters” given the sharp fall in crude palm oil (CPO) prices.
“I am a reasonable minister. Give me the breakdown on the planters’ respective cost of production and at which CPO price level would these planters hit rock bottom. If necessary, we will audit them,” he told StarBiz in an interview.
Local oil palm planters have been paying about RM11 per tonne in MPOB cess (see table for breakdown).
They also had to pay an additional cess of RM4 per tonne for the Palm Oil Price Stabilisation Fund.
Chin said the Government’s early intervention had stabilised the CPO prices at RM1,500 to RM1,600 per tonne currently
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