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Indonesia President Jokowi Ends Palm Oil Export Ban on 23rd May 2022, Average Price of Cooking Oil Has Declined

20th May 2022 | Singapore

Indonesia President Jokowi has announced the end of the palm oil export ban on the 23rd of May 2022 (Monday), with the average price of cooking oil in Indonesia declining since the ban had began on 28th April 2022.  In April 2022, Indonesia the world’s largest palm oil producer (59%), has announced a ban on palm oil & refined products exports starting 28th April 2022 until prices of cooking oil is below 14,000 rupiah per litre in Indonesia.  Indonesia is the world’s largest producer of palm oil (59%) and palm oil exports account for one-third of global edible oil exports.  The 2nd largest producer of palm oil is Malaysia (25%) and the 3rd largest is Thailand (4%).  Some of the world’s largest palm oil producers (with land banks) are Sime Darby, Golden Agri Resource, Sina Mars, IOI, Julong Group, Musim Mas, New Britain Palm Oil and Cargill.  Indonesia Coordinating Minister for Economic Affairs Airlangga Hartarto: “The policy extends to all products be it CPO (Crude Palm Oil), RPO (Refined Palm Oil), RBD (Refined, Bleached and Deodorised) Palm olein, POME (Palm Oil Mill Effluent) and used cooking oil.  This policy ensures all CPO products to be dedicated entirely to ensure the availability of cooking oil at a price of 14,000 rupiah (US$0.97) per litre, particularly at traditional markets and for SMEs … … The export ban will last until the price of cooking oil in the country is below 14,000 rupiah per litre.” 

“ Indonesia President Jokowi Ends Palm Oil Export Ban on 23rd May 2022 “

 

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