Commodities Live: Indonesia to ban palm oil exports to curb domestic prices

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Zee Business Video Team | Updated: April 22, 2022 20:25 pm

Indonesia, the world’s largest producer of palm oil, today announced an export ban of the commodity amid a continuing cooking oil crisis in the country. Cooking oil prices have soared since late last year, and have hiked further amid supply disruptions of edible oils due to Russia’s invasion of Ukraine. The shipment halt will start from April 28 and last until the government deems the shortage resolved, said President Joko Widodo today.