Malaysia is still committed to its plan to raise its biodiesel mandate to 10 percent despite low oil prices, a senior government official said today.

Malaysia’s Plantation Industries and Commodities Minister Douglas Uggah Embas said they were in the final stages of consultation with stakeholders on the B10 programme, which mandates a minimum 10 percent of bio content in diesel, and will submit a cabinet paper on this by the end of February.

“Yes, impacted, but price is not our only consideration,” the minister said when asked if low oil prices would result in a change of plans. “There are various considerations and the sum of that will guide the government’s biodiesel utilisation.”

Oil prices slumped to their lowest since 2003 this week as the market anticipated a rise in Iranian exports after the lifting of sanctions against Teheran over the weekend.

- Reuters