Indonesia president declares end of palm oil export ban from Monday


President Joko Widodo said the supply of bulk cooking oil had now reached a level greater than needed, although bulk prices had not yet receded to the targeted 14,000 rupiah per litre.

Indonesia will lift its three-week-old palm oil export ban from Monday due to improvements in its domestic cooking oil supply, its president said, a move applauded by farmers amid mounting calls for its removal.

The world's top palm oil exporter on April 28 halted shipments of crude palm oil and some derivative products to try to tame soaring prices of domestic cooking oil, surprising markets that were already rattled by earlier government intervention measures.

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