scorecardresearch
Follow Us:
Thursday, June 30, 2022

Indonesia to lift palm oil export ban from Monday, president says

The decision comes despite bulk cooking oil having not yet receded to the targeted 14,000 rupiah per litre price, as the government considers the welfare of 17 million workers in the palm oil industry, the president said in a video statement.

By: Reuters | Jakarta |
May 19, 2022 4:18:46 pm
Indonesia's President Joko Widodo speaks at a meeting during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. REUTERS/Yves Herman

Indonesia will lift its palm oil export ban from Monday, following improvements in the domestic cooking oil supply situation, President Joko Widodo said on Thursday.

The world’s top palm oil exporter has since April 28 halted shipments of crude palm oil (CPO) and some derivative products to try to tame soaring prices of domestic cooking oil.

The decision comes despite bulk cooking oil having not yet receded to the targeted 14,000 rupiah per litre price, as the government considers the welfare of 17 million workers in the palm oil industry, the president said in a video statement.

Jokowi, as the president is known, said the supply of bulk cooking oil has now reached a level greater than what the domestic market needed.

Best of Express Premium
Newsmaker | Eknath Shinde: No. 2 after the Thackerays, backer of BJP, MVA...Premium
UPSC Key-June 30, 2022: Why to read ‘Collective Responsibility’ or ‘Inver...Premium
TN Finance Minister Palanivel Thiaga Rajan: ‘Don’t know of a ...Premium
Efforts to estimate poverty from 2011-21 are commendable, given absence o...Premium

“Average price of (bulk) cooking oil before the export ban in April was 19,800 rupiah per litre and after the ban the average price dropped to around 17,200 to 17,600 rupiah per litre,” he said.

Indonesia came up with the ban on exports of the widely used vegetable oil as a means of controlling domestic prices, but pressures have been mounting for it to be eased as farmers protested that there were no demand for their palm fruits.

The ban has rattled global vegetable oil markets that were already struggling after the war in Ukraine removed a big chunk of sunflower oil supply.

Palm oil makes up more than a third of the world’s vegetable oil market, with Indonesia accounting for about 60% of palm oil supply.

UPSC KEY Have you seen our section dedicated to helping USPC aspirants decode daily news in the context of their exams?

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest World News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.
Advertisement
Advertisement
Advertisement
Advertisement