Indonesia will lift the palm oil export ban next Monday. The supply of palm oil to the country’s domestic market has returned to normal. Indonesian President Joko Widodo made the decision on Thursday (19 May).
The world’s top exporter of palm oil imposed a ban on crude palm oil exports on 28 April. Indonesia has imposed a ban on palm oil exports to keep commodity prices stable in the country’s domestic market.
In a video message, Indonesian President Joko Widodo said that the supply of palm oil to the country’s domestic market exceeded demand. Before the ban in late April, the price of palm oil was Rs 19,800 per litre. After the ban, the price of oil has come down to Rs 17,200. In a few weeks, the prices of other edible oils in the local market will also become affordable for people, Joko said. The international media has given this news.
As a result of the Ukraine-Russia war, exports of sunflower oil from Ukraine have stopped. Russia is also unable to export any oil due to the imposition of sanctions on Russia. This has created a huge oil crisis in the world market. Indonesia’s sanctions have aggravated the crisis over edible oil.
One-third of the international edible oil market is occupied by palm oil, and 60% of the world’s palm oil supply comes from Indonesia.
