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Monday, December 05, 2022

Indonesia to ban export of cooking oil to reduce shortage

JAKARTA, Indonesia ( Associated Press) – Indonesia will ban exports of cooking oil and its raw materials to ease domestic shortages and ease skyrocketing prices, President Joko Widodo announced on Friday, a day after hundreds of people died. protested in the capital against rising food costs.

He said the ban begins next Thursday and will last indefinitely.

“I will continue to monitor and evaluate the implementation of this policy to ensure that the country’s availability of cooking oil is plentiful and affordable,” Widodo said in a statement.

The announcement came three days after the attorney general’s office announced a corruption investigation involving a senior trade ministry official and three palm oil executives.

Attorney General Sanitiyar Burhanuddin said the ministry official is suspected of issuing export permits for crude palm oil and its derivative products, resulting in domestic shortages and sharp rise in cooking oil prices.

The government had issued a policy earlier this year that obliged all palm oil exporters to ensure that adequate supplies are available in the domestic market and that costs do not follow rapidly rising international prices.

Hundreds of people marched in Jakarta on Thursday to protest against rising food and oil prices. He urged the government to reduce the prices of fuel and basic food items, including cooking oil.

Indonesia and Malaysia are the world’s largest exporters of palm oil, playing important roles in their economies. They account for 85% of global palm oil production.

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