Jakarta: Indonesia will raise its bribe President Joko Widodo said on Thursday that export restrictions from Monday after improving the supply situation of domestic cooking oil.
The world’s top palm oil exporter has halted shipments of crude palm oil (CPO) and some derivative products with effect from April 28 to beat rising prices of domestic cooking oil.
The decision comes even as the government considers the welfare of the 17 million workers in the palm oil industry, despite the yet yet to come reduction at the targeted price of Rs 14,000 per liter of bulk cooking oil, 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 higher than the domestic market.
“The average price of (bulk) cooking oil was Rs 19,800 per liter before the export ban in April and after the ban the average price came down from around Rs 17,200 to Rs 17,600 per liter,” he said.
Indonesia came up with a ban on exports of the widely used vegetable oil as a means of controlling domestic prices, but there was mounting pressure to reduce it as farmers protested that their palm fruit There was no demand.
The embargo has rattled global vegetable oil markets that were already struggling after the war in Ukraine removed a large chunk of sunflower oil supplies.
Palm oil makes up more than a third of the world’s vegetable oil market, with Indonesia accounting for about 60% of the palm oil supply.
The world’s top palm oil exporter has halted shipments of crude palm oil (CPO) and some derivative products with effect from April 28 to beat rising prices of domestic cooking oil.
The decision comes even as the government considers the welfare of the 17 million workers in the palm oil industry, despite the yet yet to come reduction at the targeted price of Rs 14,000 per liter of bulk cooking oil, 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 higher than the domestic market.
“The average price of (bulk) cooking oil was Rs 19,800 per liter before the export ban in April and after the ban the average price came down from around Rs 17,200 to Rs 17,600 per liter,” he said.
Indonesia came up with a ban on exports of the widely used vegetable oil as a means of controlling domestic prices, but there was mounting pressure to reduce it as farmers protested that their palm fruit There was no demand.
The embargo has rattled global vegetable oil markets that were already struggling after the war in Ukraine removed a large chunk of sunflower oil supplies.
Palm oil makes up more than a third of the world’s vegetable oil market, with Indonesia accounting for about 60% of the palm oil supply.