Better ties with India needed as palm oil sector prepares for worst, says analyst

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Palm oil demand from India, Malaysia’s largest market for the commodity, is likely to remain negligible even post-Covid-19.PETALING JAYA: A palm oil analyst has urged Putrajaya to go all out to repair diplomatic ties with New Delhi and work out a deal to bypass Indian restrictions on the import of refined, bleached and deodorised (RBD) palm oil. Singapore-based Sathia Varqa said this would be the “lowest hanging fruit” to help boost demand for palm oil which has been badly affected by Covid-19 and lockdowns in countries around the world. This, he said, had been further complicated by the drop in crude oil prices which made biodiesel financially not viable. “Diesel is now trading at US$191.50 per tonne while crude palm oil is trading at US$465 per tonne. This is more than double the price of diesel. “This is a difference of almost US$300, a huge disparity and it will not make sense…