Indonesia lifts ban on palm oil exports

Indonesian President Joko Widodo said his country will lift the ban on palm oil exports on May 23.

Widodo said the restrictions were lifted due to the normalization of the palm oil situation in the country. The Republic imposed a ban on the export of this product on April 28 for an indefinite period. This measure was taken due to the shortage of palm oil in the country.

And state authorities are trying to control the price of palm oil and ensure its availability on the domestic market from the end of 2021. This year, the situation in Ukraine has worsened.

The cost of the oil still exceeds the Indonesian authorities’ target of 14,000 IDR ($0.97 per liter).

Indonesia is the largest exporter of palm oil in the world. The product is used to produce a wide range of food products, soap and biofuels.