22 SHARES Share TweetJakarta, Indonesia April 28-Indonesia began imposing a complete ban on palm oil exports Thursday, as the world’s largest producer of the commodity risked destabilising a global vegetable oil market already hitting peak prices. “All products,” including crude palm oil, “are covered by the Ministry of Trade regulation and will be enforced,” said Coordinating Minister for Economic Affairs Airlangga Hartarto. “As the world’s largest palm oil producer, it is ironic that we are having difficulties getting cooking oil,” he said. Indonesia produces about 60 percent of the world’s palm oil, with one-third consumed by its domestic market. Jakarta plans to resume exports when the price of bulk cooking oil in local markets has fallen to 14,000 rupiah (97 cents) per litre, having rocketed 70 percent in recent weeks to 26,000 rupiah ($1.80).

Source: Daily Nation April 28, 2022 10:24 UTC