Indonesia lifts palm oil export ban in relief to global market; govt makes decision after improvements in local supply and prices

Palm oil exports can resume from May 23, President Joko Widodo said in an online briefing on Thursday.

Palm oil is used in everything from food to soap to fuel, and the move by Indonesia threatened to push up costs even more across multiple supply chains at a time of rampant inflation. But all that failed to pull down prices to the government target of 14,000 rupiah per liter of bulk oil. The surging costs helped push inflation to a three-year high in April.

A survey this month showed the approval ratings for Jokowi, as the president is popularly known, hit the lowest in more than six years due to Indonesians’ growing discontentment over rising prices.

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