Indonesia bans export of cooking oil and raw materials

The government of Indonesia, which exports one-third of the world’s vegetable oils, has announced that it will ban the export of cooking oil and raw materials related to cooking oil production from April 28 until a date to be determined. after. The statement was just made by Indonesian President Joko Widodo.

President Widodo said that he would directly monitor and evaluate the implementation of the policy in order to have an abundant domestic cooking oil source at an affordable price.

Although it is a vegetable oil exporting country, there has been an increase in the price of cooking oil and a shortage of goods in this country’s market. The Indonesian government has tried to remedy this situation by tightening exports of crude palm oil to prioritize domestic demand.

Indonesia’s decision has caused the price of cooking oil futures in the US market to skyrocket. In the UK, some supermarkets are restricting people to buy cooking oil.

The world’s cooking oil source has been cut due to the conflict between Russia and Ukraine, the world’s two leading vegetable oil exporters.

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