Palm oil embargo: Indonesia to lift palm oil export ban from Monday: President

Indonesia will lift its palm oil export ban from Monday, May 23, after improving domestic cooking oil supply conditions, President Joko Widodo said on Thursday.

Although the price of bulk cooking oil has not yet reached the target of Rs 14,000 per liter, the decision to lift the ban was taken as the government considers the welfare of 17 million workers in the palm oil industry, the president said in a video statement. The news agency Reuters reported.

Indonesia, the world’s largest exporter of palm oil, has cut off shipments of edible oil since April 28 due to flooding in the domestic market, with supplies supplying rising cooking oil prices.

The report suggested that despite the turmoil in the edible oil market and the loss of millions of dollars in revenue, the price of cooking oil, the main thing for Indonesian households, hit the ratings of President Joko Widodo’s approval. .

Djokovic, popularly known as the president, said the need for affordable food undermined revenue concerns and that export bans would be lifted as soon as domestic demand was met.

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Palm oil traders speculate that the ban could be partially lifted, especially with the filling of storage tanks.

Politics has probably played an important role in the period. A survey by Polstar Indicator Political Indonesia this week found that the presidential approval rating is at a six-year low, mainly due to rising cooking oil costs and the impact of inflation.

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