Palm oil: గుడ్ న్యూస్.. పామాయిల్ ఎగుమతులపై నిషేధం ఎత్తివేత

Good news for India. The prices of cooking oils will come down in the coming period. Indonesia, the world’s largest exporter of palm oil, has lifted a ban on palm oil exports. With this, palm oil will no longer be exported from Indonesia to various countries. This was stated by Indonesian Joko Widodo. Indonesia’s government imposed a ban on oil exports on April 28 as oil prices soared. The government came down with the pressure coming from the palm oil traders. Lifted the ban on exports from May 23.

Last month, the Indonesian government imposed a ban on exports with the intention of making oil available to its people. Indonesia consumes only 35 percent of its palm oil production. The rest is being exported abroad. However, stocks of palm oil products have soared due to the ban on exports. The government has said it will lift the ban on the welfare of 17 million workers in the country who depend on the sector.

Prior to the ban in Indonesia, the price of palm oil fell to around Rs 17,200 ($ 1.17) from Rs 19,800 ($ 1.35) per liter in local currency. Supply of domestic cooking oil also tripled after the ban, from 64,500 tonnes to 211,000 tonnes a month, President Widodo said.

India relies heavily on Indonesia for palm oil imports. India imports 70 per cent of its requirements from Indonesia and 30 per cent from Malaysia. India imported 83.1 lakh tonnes of palm oil in the financial year 2020-21. Ukraine, on the other hand, the largest exporter of sunflower, is currently at war with Russia. With this, the prices of palm oil and sunflower oil in the country have been skyrocketing for the last few months. Currently, cooking oil prices are falling with the Indonesian decision.