Palm oil prices in international markets are cheaper than other vegetable oils (Figure). With more competitive prices, the palm oil gives more benefits to the world community especially in low-income countries.
First, with the relatively cheap price and availability of its supply in the world market, palm oil can prevent excessive increases in prices of other vegetable oils such as soybean oil, rapeseed oil and sunflower oil.
Second, the low palm oil prices help people in low-income countries such as in Africa and Central Asia and third, with the low prices, people in low-income countries are still able to consume much vegetable oil.
Figure: Comparison of palm oil prices with those of other vegetable oils (World Bank, 2018)
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