Indonesia announces to lift ban on palm oil exports
BI Desk || BusinessInsider
Palm oil is seen being harvested at a plantation. Photo: Collected
Indonesia will lift its palm oil export ban from May 23, following improvements in the domestic cooking oil supply situation, President Joko Widodo announced on Thursday.
The decision came shortly after Indonesian lawmakers on Thursday urged the government to review the ban on palm oil exports, reports moneycontrol.com.
The lawmakers, in their request, cited the warning from industry groups who said that palm oil production, one of the country’s leading sources of revenue, could grind to a halt in coming weeks as storage nears full capacity.
Indonesia, the world’s top palm oil producer, has since April 28 stopped the exports of crude palm oil (CPO) and some derivative products in a bid to tame soaring prices of domestic cooking oil.
The decision had adversely impacted a number of importing nations, which witnessed an upsurge in cooking oil rates.
Bangladesh mostly meets it edible oil demand by import palm oil from Indonesia. A severe crisis of shortage of edible oil created in the Bangladesh market following the export ban by Indonesia.
