The world's top palm oil producer expanded an export ban on raw materials for cooking oil to include shipments of crude palm oil and most of its refined products just hours before it took effect at midnight Wednesday, in an attempt to secure domestic supply and bring down soaring prices.
A trade ministry regulation on Wednesday said the export policy would be reviewed monthly, or as often as needed, while Chief Economics Minister Airlangga Hartarto said it could be lifted when bulk cooking oil recedes to 14,000 rupiah a litre nationwide.
MT World Progress was travelling towards India with 34,854.3 tonnes of palm olein, while MT Annabelle was bound for the United Arab Emirates with 13,357.4 tonnes of crude palm oil and 98 barrels of methanol on board.