Teresa Kok says the committee would discuss the subject before its implementation by 2020.
The federal government has formed a special joint committee headed by the Primary Industries Ministry to monitor and ensure that crude palm oil prices will remain stable when the country implements the B20 biodiesel fuel next year.
"So, yesterday during the cabinet meeting, all the ministries in the joint committee have agreed to work together as it involves rules and laws in different ministries and government agencies," she told reporters after officiating the FMM-MPOB Second Seminar on Biodiesel Implementation in Industrial Sector in George Town.
"We will discuss with other ministries and come up with a new mechanism to ensure that when the CPO prices are high, we are able to stabilise the biofuel prices in the market," she said.However, Kok said before implementing any mechanism, her ministry would consult all the stakeholders including petroleum companies and car manufacturers to ensure the plan will proceed smoothly after the implementation of the B20 biodiesel.
Kok said palm oil was a viable option for reducing the country’s dependency on fossil fuels, as it had tremendous potential as a renewable energy source.
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