Indonesia to lift export ban on palm oil from Monday: President Joko Widodo
Updated: 2022-05-20 08:06:40 KST
Indonesia will lift its export ban on palm oil starting Monday.
President Joko Widodo said the country's supply of bulk cooking oil has now reached a level greater than its domestic market demands adding the average price, which was 1 U.S. dollar 35 cents per liter before the ban, had dropped to around a dollar 17.
Accounting for 60 percent of the world's supply, Indonesia had banned shipments of crude palm oil and some products derived from it since April 28th to try to control the uptick in domestic prices.
Despite soaring prices, pressure had been mounting for the ban to be lifted as farmers protested.