Indonesia, the world's biggest palm-oil exporter, is facing a shortage of cooking oil — and it's going to affect the price of everything from cheese to candy bars
on Friday. The announcement sent benchmark Malaysian palm-oil futures soaring 7% on Monday before ending the day 2% lower as the country said the ban would exclude some palm-oil products. On Wednesday, prices soared 10% to hit the upper price limit head of the impending ban — but that was before Indonesia said later in the day that it would be imposing a blanket ban. Malaysian palm-oil futures were over 1% lower at midday on Thursday and up about 50% year-to-date.
Indonesia's palm-oil ban will be in place until the bulk of cooking oil in Indonesia falls to 14,000 rupiah per liter,reported, citing the country's chief economic minister, Airlangga Hartarto. Bulk cooking oil in Indonesia was offered in the range of 19,000 to 20,000 rupiah on Wednesday, the news outlet reported, citing a senior trade association official.
"Once the local need is fulfilled, surely I will revoke this export ban because I understand how the government needs taxes, needs overseas earnings, and needs a trade surplus," said Widodo, perPalm oil has been linked to the widespread destruction of rainforests and adverse impact on local communities, but it is also an efficient crop that has improved rural development in many regions, according to...
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