Biodiesel have you ever heard about this?

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Biodiesel is a diesel produced from the palm oil cooking oil. Our government have started to build the factory for this biodiesel in my home town which come as the first in the Southeast Asia and I believe it is the first in the world. The diesel produced from this palm oil believed to be more cheaper and safe for the car as they have tried it on the car engine. Have you ever heard about this before? and what is your guys opinion on this? This is a good thing to have since the world oil price is increasing now days but peoples in my home town were worried that our cooking oil price will increase as they have start the work for comercial.