Indonesia lifts ban on cooking oil export as supply improves
Indonesia lifts ban on cooking oil export as supply improves
Indonesia lifts ban on cooking oil export as supply improves
JAKARTA, Indonesia -
Indonesia said Thursday it will lift a monthlong ban on palm oil export, citing improvements in the supply and domestic price of bulk cooking oil.
President Joko Widodo said 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.
Widodo said in a news conference that his government was planning to lift the ban if the price of bulk cooking oil reached 14,000 rupiah (US$0.96) per litre. He said it still has not reached the target but he expects it to drop further in the next few weeks as more palm oil becomes available.
"Based on the current supply and price of cooking oil and considering that there are 17 million workers in the palm oil industry, both working farmers and other supporting staff, I have decided that the export of cooking oil will reopen on Monday, May 23," Widodo said.
He said that the national demand for bulk cooking oil is approximately 194,000 tons per month. Before the export ban, the supply reached 64,500 tons, and since then, it more than tripled to over 211,000 tons per month.
He said that law enforcement agencies are investigating allegations of violations and fraud in the distribution and production of cooking oil.
With inflation reaching a 40-year high, many Canadians have been left in a state of worry. Not only about the rising prices of consumer goods, but whether or not they should continue to save money. It’s not such a simple question, and it depends greatly on your circumstances, contributor Christopher Liew explains in an exclusive column for CTVNews.ca.
As inflation rates soar to the highest they've been in Canada in nearly forty years, nearly half of Canadians say that right now, they're doing worse financially than they were at this time last year.
With Statistics Canada reporting a 9.7 per cent increase in food costs over the last year, Canadians are being pushed to find ways to pinch pennies at the grocery stores. Here are some ways to save.
As fuel prices reach record highs and drive inflation, there have been growing calls for governments to temporarily suspend or reduce gas taxes. CTVNews.ca spoke with experts on whether a gas tax holiday makes sense in Canada.
Soaring gas prices helped the annual inflation rate in May soar to its highest level in nearly 40 years, as the rising cost of living for Canadians squeezed household budgets and bolstered expectations the Bank of Canada will opt for a supersized interest rate hike next month.
An Ontario student is warning people of the risk that comes with failing to report a lost debit card after $14,000 in fraudulent deposits landed in her RBC account.
