Indonesia To Ban Palm Oil Exports To Tackle Domestic Shortage
NDTV
The nation has been running low on palm-based cooking oil since November as producers turn to exports to cash in on an increase in prices around the world.
Indonesia will ban exports of palm oil starting next week, its president said Friday, as the world's biggest producer faces a shortage of cooking oil made from the product.
The Southeast Asian archipelago has been running low on palm-based cooking oil since November as producers turn to exports to cash in on an increase in prices around the world.
Authorities now fear the scarcity and soaring prices could provoke social tensions and have moved to secure supplies.
"The government will prohibit the export of raw materials for cooking oil and cooking oil itself... until a deadline to be determined later," President Joko Widodo said in a statement.
