Jakarta: Indonesia will lift its ban on palm oil exports next week, President Joko Widodo said Thursday, relieving pressure on the global vegetable oil market that hit peak prices because of the suspension, the war in Ukraine and global warming.
“Based on the supply and the condition of cooking oil and considering there are 17 million people in the palm oil industry; farmers and other supporting workers, I decided that cooking oil export will reopen on Monday, May 23,” he told an online briefing.
Indonesia's Palm Oil Association appreciates the government's decision to lift a palm oil export ban from May 23, as storage tanks were reaching full capacity, secretary general Eddy Martono said on Thursday.
Separately, palm oil farmers union SPKS in a statement said it hopes plantation activities will soon return to normal due to the removal of the ban.
