Indonesia lifts palm oil export ban next week

On May 19, Indonesian President Joko Widodo said the country would lift the export ban palm oil next week, easing pressure on the global vegetable oil market after its price skyrocketed due to the impact of the conflict in Ukraine.

Speaking at an online press conference, President Widodo emphasized that based on the supply of cooking oil and considering that there are currently 17 million people working in the palm oil industry, including farmers and other ancillary workers, the leader This directive has decided to resume the export of cooking oil on May 23.

The Indonesian government will still closely monitor every move to ensure supply at a reasonable price.

Last April, Indonesia issued a ban on the export of palm oil to ensure the supply of this commodity in the context of a shortage of domestic cooking oil.

At that time, President Widodo emphasized that meeting the needs of this item for the country of 270 million people was the “highest priority” of the government.

Palm oil is the most commonly used vegetable oil in Indonesia, used as an ingredient for a variety of goods from chocolate to cosmetics.

Despite being the largest palm oil producer in the world (accounting for about 60% of global palm oil production), the country has been facing a shortage of cooking oil for months due to lax regulations and producers. domestic exporters are reluctant to sell domestically.

Indonesian consumers have times when it takes hours to queue at distribution centers to buy this item.

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