The Indonesian government said it will suspend exports of palm oil and most derivatives from the 28th of last monthuntil the price of cooking oil in the domestic market falls to the level early last year.
However, as the long holiday ends and returns to daily life from this day, there are complaints from the palm oil industry that “until when will you ban palm oil exports?”
In Indonesia’s large supermarkets, convenience stores such as Alfamart and Indomart, palm oil export bans and LeBaran holiday sales were combined to hold cooking oil discounts, signaling a drop in prices.
However, it still takes time for the Indonesian government to lower the price of large-capacity (bulk) cooking oil to 14,000 rupiah (around $1) per liter in terms of lifting the ban on palm oil exports.
As a result of palm oil companies focusing only on exports due to rising international prices, Indonesia’s high-capacity cooking oil price once soared to 26,000 rupiah per liter.
According to Indonesia’s National Center for Strategic Food Price Information (PIHPSN), the price of large-capacity cooking oil fell to 17,000 rupiah per liter as of the 6th.
The Indonesian government has deployed a navy at major palm oil ports to monitor smuggled ships, just as it banned all coal exports to supply the domestic market in January this year.
The Indonesian Navy said on the 4th that it had seized a Singapore-flagged cargo ship bound for Malaysia from Indonesia with 34 containers filled with RBD palm oil, an export ban.
