Indonesia to impose local sales rule when palm oil exports restart
RBD Palm Oil
Indonesia
Published May 21, 2022
Tridge summary
Decision comes despite bulk cooking oil prices still not down to target level
Original content
JAKARTA (Reuters) -- Indonesia will impose a domestic sales requirement for palm oil, to shore up local supplies of cooking oil when the world's biggest producer of the edible oil reopens exports next week, the country's economic minister said on Friday. President Joko Widodo has announced Indonesia will lift the export ban from Monday after imposing the policy on April 28 in a bid to control high domestic cooking oil prices. The decision to lift the ban comes despite the price of bulk cooking oil not yet coming down to the government's target of 14,000 rupiahs ($0.9550) per liter. Jokowi, as the president is popularly known, said he expected cooking oil prices to ease toward the intended target and vowed authorities would closely monitor supply conditions. Indonesia would impose a so-called Domestic Market Obligation (DMO) on palm oil to ensure 10 million metric tons of cooking oil were kept at home, Airlangga Hartarto, coordinating minister of economic affairs, told a virtual ...
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