Indonesia to continue palm oil domestic market obligation policy into 2024

NUSA DUA, Indonesia: Indonesia will continue its domestic market obligation (DMO) for palm oil into 2024 to maintain price stability of cooking oil, Trade Ministry official Isy Karim said on Thursday.

Indonesia, the world's biggest palm oil producer, imposed the DMO policy last year to rein in soaring prices of cooking oil. Under the scheme, producers are only allowed to export once they have sold a portion of their products to the domestic market.