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Big relief for India as Indonesia by lifting ban on palm oil exports from Monday 23 May

Palm oil prices: The news came as a shock to India. Expensive edible oil prices are likely to fall soon. Indonesia announces withdrawal of ban on palm oil exports The ban on palm oil exports will be lifted from May 23. The announcement was made by Indonesian President Joko Widodo.

Indonesia made the decision in the interests of the 17 million people working in the palm oil sector. However, Indonesia has set a target of Rs 14,000 per liter for palm oil due to the ban. Although the price has not come so far, its ban is being lifted.

In fact Indonesia has decided to ban the export of palm oil from April 28th. As a result, palm oil prices have skyrocketed. Indonesia is one of the largest producers of palm oil, while India is the largest importer of edible oil in the world – especially palm oil and soybean oil. The decision by Indonesia comes as a huge relief to India, where cooking oil prices are already skyrocketing. India is already suffering from a shortage of sunflower oil due to the Russo-Ukraine war. Indonesia has exacerbated the problem by banning palm oil.

India imports one million tonnes of edible oil every month and imports fell to 1.3 million tonnes from 1.5 million tonnes in 2021-22 due to high prices last year. However, due to the rise in prices, in 2021-22, Rs. 1.4 lakh crore had to be spent on edible oil imports, up from Rs. 82,123 crores. Palm oil is the most widely consumed cooking oil in the world, accounting for 40 percent of global consumption. Then soybean oil is 32 percent, and then mustard (or canola) 15 percent.

2022-05-19 10:32:51

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