Indonesia lifts ban on cooking oil export as supply improves

By EDNA TARIGAN
Associated Press

JAKARTA, Indonesia (AP) — Indonesia is lifting a monthlong ban on palm oil export, citing improvements in the supply and domestic price of bulk cooking oil. President Joko Widodo says exports will resume on Monday. Indonesia and Malaysia are the world’s largest exporters of palm oil, which plays an important role in their economies. They account for 85% of global palm oil production. Pressure on the global supply of cooking oil has increased because of the war in Ukraine, which accounts for nearly half of the world’s sunflower oil on top of the 25% from Russia. Palm oil prices went up 200% or higher after Indonesia banned the export of cooking oil and its raw materials to reduce local shortages and hold down skyrocketing prices. Local supply has since more than tripled.