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Here is why Edible oil prices will come down

Google Oneindia News

Jakarta, May 23: Indonesia, the world's biggest supplier of palm oil, said on Thursday it will lift a ban on exports from Monday, likely helping India and other importers.

Heres why Edible oil prices to come down

The decision to lift the ban was taken despite the price of bulk cooking oil having not yet reached the targeted 14,000 rupiah per litre price, as the government considers the welfare of 17 million workers in the palm oil industry, the president said in a video statement, news agency Reuters reported.

Jokowi, as the president is known, said the supply of bulk cooking oil has now reached a level greater than what the domestic market needed.

Indonesia's ban, imposed April 28, was one of the biggest acts of crop protectionism since Russia's invasion of Ukraine in February and it stymied exports of sunflower oil and worsened a global shortage.

India annually imports around 13-13.5 million tonne of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) is palm oil. Of this, 8-8.5 million tonnes of palm oil, 45-50 per cent comes from Indonesia and the rest from neighboring Malaysia.

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