Indonesia Palm Oil Export Ban
Indonesian President Joko Widodo decided to ban the export of palm oil. He says that this ban will come into effect from April 28. This ban will continue until further notice or order from Joko Widodo.
President Joko Widodo said the ban was necessary to control the availability of food products and rising inflation. He also says that he will keep an eye on the culmination of this work and will also make a representation. They want the availability of cooking oil in the markets to be perfect and the prices to be affordable.
Indonesia is the largest exporter of palm oil and Malaysia is the second largest exporter of palm oil.
The Threat of Rising Food Inflation in India
People are already very tight about inflation in India and due to this decision of Indonesia, this inflation may increase further. That is to say that edible oils are already at their peak and now they can be expensive even more.
After the ban on this oil, more emphasis will come on mustard and soybean oil. Mustard oil prices are already skyrocketing due to Russia and Ukraine war and now due to this ban, inflation is expected to increase further.
There was a Ban on the Export of Palm Oil even Earlier
Indonesia had also banned the export of palm oil earlier this year (January), although this ban was later lifted in the month of March. But this time the ban which has been imposed, it has been said that this ban will continue till further orders.
The President (Joko Widodo) announced the ban and said that I myself will monitor this ban until the supply of edible oil in the country is full and its price also does not increase.