MPOB Launches Used Cooking Oil Price Portal To Boost Circular Economy
KUALA LUMPUR, March 20 (Bernama) — The Malaysian Palm Oil Board (MPOB) is encouraging industry players and the public to participate actively in the trading of used cooking oil (UCO) as part of efforts to support the nation’s circular economy.
To ensure transaction transparency and facilitate the buying and selling of UCO, MPOB has provided a used cooking oil price reference portal for the domestic market, which can be accessed for free by all stakeholders, said MPOB in a statement.
The launch of the UCO average price data information is part of the government’s continuous efforts through the Ministry of Plantation and Commodities (KPK) to enhance market transparency, strengthen the price discovery mechanism, and reduce uncertainty within the oil palm industry value chain in Malaysia.
MPOB director general Datuk Dr Ahmad Parveez Ghulam Kadir said the display of the UCO reference price provides a clearer and reliable price benchmark, thereby supporting the development of a more transparent and inclusive UCO supply chain.
“This initiative not only strengthens the integrity of the domestic UCO market but also aligns with the government’s aspirations in driving the circular economy, with the benefit of used cooking oil as a high-value raw material,” he said.
He added that the supply of UCO is increasingly gaining global attention as a crucial raw material resource in the production of sustainable energy products such as biodiesel and sustainable aviation fuel (SAF), alongside various oleochemical products.
“Globally, the demand for SAF is expected to increase significantly, driven by the international aviation industry’s commitment to achieving net-zero carbon emissions by 2050.”
According to industry projections, SAF demand could increase by more than 3 to 5 times by 2030, consequently surging the need for raw materials like UCO as a sustainable low-carbon source.
MPOB said Malaysia has immense potential in UCO supply due to the high consumption of palm cooking oil in the household and food service sectors, such as catering businesses and fried food vendors.
— BERNAMA