The archipelago nation issued the ban last month to secure supplies of the commodity in the face of a domestic shortage.JAKARTA - Indonesia will lift its ban on palm oil exports next week, relieving pressure on the global vegetable oil market after prices spiked because of the suspension and the war in Ukraine.
"Based on the supply... of cooking oil and considering there are 17 million people in the palm oil industry -- farmers and other supporting workers -- I decided that cooking oil exports will reopen on Monday, May 23," President Joko Widodo told an online briefing. Authorities had rigorously enforced the export ban, with the Indonesian navy seizing a tanker carrying palm oil out of the country in violation of the order earlier this month.
But Jakarta came under pressure for further saddling prices that were already skyrocketing after Russia's invasion of agricultural powerhouse Ukraine.
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Iyawafrya amagwinya lento?
;-( such a slippery subject and path down the wrong road.
Does this mean oil prices will go down?