Indonesia will ban exports of RBD palm olein from midnight on April 28 until prices of bulk cooking oil drop to 14,000 rupiah per litre, a senior minister said on Tuesday, while a document showed it was prepared to widen the ban if there are shortages.
The export ban will be imposed on all producers of refined, bleached and deodorized palm olein and applied on products under three HS codes, chief economic minister Airlangga Hartarto said in a statement.
Bulk cooking oil was offered at about 20,000 rupiah per litre at online marketplaces on Tuesday. In some traditional markets, they were sold at around 17,000-19,000 rupiah per litre, state news agency Antara reported. The government is prepared to widen its ban on exports of refined palm olein if it faces domestic shortages of derivatives used in the production of cooking oil, according to details presented at a meeting between government and industry officials.
China, India, the Philippines and South Korea, source between 46% and 58% of their total palm oil imports from Indonesia, Nomura said in a research note, adding that China was the top buyer of Indonesia's RBD olein.
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