May 19, 2022, 11.06 PM


JAKARTA, INDONESIA — Indonesia said Thursday, May 19 it will lift a month-long ban on palm oil export, citing improvements in the supply and domestic price of bulk cooking oil.
President Joko Widodo said exports will resume on Monday, May 23.

Indonesia and Malaysia are the world’s largest exporters of palm oil, which plays an important role in their economies. They account for 85 percent of global palm oil production.

Pressure on the global supply of cooking oil has increased because of the war in Ukraine, which accounts for nearly half of the world’s sunflower oil on top of the 25 percent from Russia.

Palm oil prices went up 200 percent or higher after Indonesia banned the export of cooking oil and its raw materials to reduce local shortages and hold down skyrocketing prices.

Also readIndonesia Bans All Exports for Cooking Palm Oil ‘until Further Notice’, Jokowi Says

Widodo said in a news conference that his government was planning to lift the ban if the price of bulk cooking oil reached 14,000 rupiahs ($0.96) per liter. He said it still has not reached the target but he expects it to drop further in the next few weeks as more palm oil becomes available.

“Based on the current supply and price of cooking oil and considering that there are 17 million workers in the palm oil industry, both working farmers and other supporting staff, I have decided that the export of cooking oil will reopen on Monday, May 23,” Widodo said.

He said that the national demand for bulk cooking oil is approximately 194,000 tons per month. Before the export ban, the supply reached 64,500 tons, and since then, it more than tripled to over 211,000 tons per month.

He said that law enforcement agencies are investigating allegations of violations and fraud in the distribution and production of cooking oil.

Source: Associated Press

Dapatkan update berita pilihan dan breaking news setiap hari dari Kompas.com. Mari bergabung di Grup Telegram "Kompas.com News Update", caranya klik link https://t.me/kompascomupdate, kemudian join. Anda harus install aplikasi Telegram terlebih dulu di ponsel.

Source VOA News


Latest Video Video Lainnya >

Recommendation
Comment wisely and responsibly. Comments are entirely the responsibility of the commentator as regulated in the ITE Law
Report
Thank You! We have received your report. We will remove comments that conflict with the Community Guidelines and the ITE Law.

More Headlines

News
November 28, 2022, 05.16 PM

Death Toll from Indonesia Quake Rises to 321

News
November 24, 2022, 05.14 PM

Malaysia: Opposition Leader Anwar Ibrahim Named PM

News
November 18, 2022, 10.31 PM

Indonesia Reports over 6,600 Daily Covid-19 Cases

Close Ads