In what could come as a big relief to India and other countries, Indonesia, the world's biggest supplier of palm oil, has decided to lift the ban on its export on May 23.
India, on average, imports each year 13-13.5 million tonnes of edible oil, of which 8-8.5 million tonnes (around 63 per cent) is palm oil. Of the 8-8.5 million tonnes of palm oil, 45-50 per cent comes from Indonesia, and the rest from Malaysia.
The decision to lift the ban came despite the price of bulk cooking oil not yet going back to the targeted price of 14,000 rupiahs per liter, as the government considers the welfare of 17 million workers in the palm oil industry, Indonesian President Joko Widodo said in a video statement, agencies reported.
Jokowi, as the president is known, said the supply of bulk cooking oil had reached a level greater than what the domestic market needed.
Diese Geschichte stammt aus der May 20, 2022-Ausgabe von Business Standard.
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