MARKET DEVELOPMENT
CPO Export Ban Officially Lifted as Cooking Oil Supply Increases
CPO Export Ban Officially Lifted as Cooking Oil Supply Increases
23.05.2022 (en.tempo.co) - TEMPO.CO, Jakarta - The government has officially lifted the crude palm oil (CPO) export ban today on Monday, May 23, which was announced by President Joko Widodo in a virtual press conference on May 19 last week.
"Therefore, based on the current supply and price of cooking oil and considering the 17 million workers in the palm oil industry, including farmers, workers, and other supporting staff, I have decided that the export of cooking oil will reopen on Monday, 23 May 2022," he said, Bisnis.com reported.
Ever since the cooking oil export ban was implemented, he said, the government has continued to monitor and encourage various steps to ensure the availability of the commodity in order to meet the public needs.
Based on direct inspections in the field and reports received, Jokowi said that the supply of cooking oil in the market continued to increase. Bulk cooking oil is approximately 194,000 tons per month currently and is a stark contrast to prior the export ban that saw the national cooking oil supply only amount to 64,500 tons.
Trade Minister Muhammad Lutfi said he will immediately revoke Trade Minister’s Decree No.22/2022 and will replace it with an updated regulation that aligns with the reopening of CPO exports.
BISNIS.COM