The tighter restrictions aim to ensure that cooking oil prices at home remain affordable to consumers, said Indonesian trade minister Muhammad Lufti. - Reuters
JAKARTA (Reuters): Indonesia will further restrict exports of palm oil from Thursday (March 10) to increase domestic supplies, as authorities ramp up efforts to contain a surge in cooking oil prices, Trade Minister Muhammad Lutfi said.
The world's biggest producer and exporter of palm oil will require companies to sell 30% of their planned exports of crude palm oil and olein at home, up from 20% currently, under a scheme known as Domestic Market Obligation (DMO). The new restriction will stay in place for at least six months.
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