Big relief for India as edible oil prices to go down
Indonesia, the world’s biggest exporter of palm oil halted shipments of crude palm oil
Indonesia has said it will lift its three-week-old export ban on palm oil from Monday due to improvements in its domestic cooking oil supply.
Indonesia, the world's biggest exporter of palm oil halted shipments of crude palm oil and some derivative products on April 28 in an effort to curb the soaring prices of domestic cooking oil.
Country's President Joko Widodo on Thursday said the supply of bulk cooking oil had now reached a level greater than needed, although bulk prices had not yet gone down to the targeted 14,000 rupiah per litre.
The ban had come while global vegetable oil markets were struggling from the squeeze in sunflower oil supply from the war in Ukraine.
Industry groups had warned that the palm oil sector could grind to a halt in the coming weeks if the export ban were to remain in place.