Indonesia to lift palm oil export ban on May 23

Indonesia to lift palm oil export ban on May 23

JAKARTA: Indonesia's palm oil export ban is going to be lifted on May 23 as the average price of cooking oil has begun to decrease, according to President Joko Widodo on Thursday. Jokowi said Indonesia needs about 194,000 tons of bulk cooking oil every month.

Before the export ban, the national supply was only 64,500 tons, he said. The national supply reached 211,000 tons after the export ban was put in place in April.

The president said the price of bulk cooking oil was around 19,800 rupiah US $1.35 per liter before the export ban. He said the price is currently down to between 17,200 rupiah and 17,600 rupiah per liter.

According to the current supply and price of cooking oil and the fact that there are 17 million workers in the palm oil industry, I have decided that cooking oil exports will be allowed on Monday, 23 May 2022. He said that the government would continue to monitor the situation to make sure prices are affordable for the people despite the lifting of the ban.