Indonesia: Cooking oil price still far above target needed to lift export ban

People queue to purchase subsidised cooking oil provided by local authorities in Surabaya on Feb 18, 2022, in an effort to stabilise prices due to shortages. - AFP

JAKARTA (The Jakarta Post/Asia News Network:): The price of cooking oil remains far above Rp 14,000 (US$0.97) per litre, a cap the government has said must be met in order for the palm oil export ban to be lifted.

Almost a week after the shipment of cooking oil and cooking oil materials – notably crude palm oil (CPO) – was suspended, the absence of a substantial decline in domestic market prices raises questions about the effectiveness of the ban.