Asean’s biodiesel push fuels palm oil rally, but will SGX-listed players gain?
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[SINGAPORE] A crude oil supply shortfall from the prolonged closure of the Strait of Hormuz has accelerated biodiesel mandates in South-east Asia, driving up crude palm oil (CPO) prices and lifting Singapore Exchange-listed plantation stocks. Biodiesel – a substitute for petroleum-based diesel fuel produced by reacting vegetable oil or animal fat with alcohol – is becoming more cost-competitive.Following the US-Iran war, CPO’s premium to gas oil has narrowed to around US$14 a tonne, from an average of around US$271 a tonne over the past year.
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