Kathmandu: Indonesian President Joko Widodo has announced to lift ban on Palm oil exports from coming Monday. The world’s top palm oil exporter has since 28th of last month halted shipments of crude palm oil (CPO) and some derivative products to try to tame soaring prices of domestic cooking oil. The decision was announced by President Joko Widodo, who cited an improvement in the domestic cooking oil supply situation as the reason for lifting the restrictions.
Industry figures hailed the decision to resume exports. Palm Oil farmers in Indonesia staged a significant protest in the country’s capital on Tuesday due to a fall in the domestic edible oil prices following the export ban. Palm oil makes up more than a third of the world’s vegetable oil market, with Indonesia accounting for about 60% of palm oil supply.
