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10-03-2022, 08:51 AM
09 Mar 2022 01:11PM
(Updated: 09 Mar 2022 05:37PM)
JAKARTA :Indonesia will further restrict exports of palm oil from Thursday to increase domestic supplies, as authorities ramp up efforts to contain a surge in cooking oil prices, Trade Minister Muhammad Lutfi said.
The world's biggest producer and exporter of palm oil will require companies to sell 30per cent of their planned exports of crude palm oil and olein at home, up from 20per cent currently, under a scheme known as Domestic Market Obligation (DMO). The new restriction will stay in place for at least six months.
The tightening of restrictions will remove more vegetable oil from a global market already suffering a squeeze in supplies after Russia's invasion of Ukraine, which is a key global supplier of sunflower oil.
https://www.channelnewsasia.com/business...#mdcrecs_s
(Updated: 09 Mar 2022 05:37PM)
JAKARTA :Indonesia will further restrict exports of palm oil from Thursday to increase domestic supplies, as authorities ramp up efforts to contain a surge in cooking oil prices, Trade Minister Muhammad Lutfi said.
The world's biggest producer and exporter of palm oil will require companies to sell 30per cent of their planned exports of crude palm oil and olein at home, up from 20per cent currently, under a scheme known as Domestic Market Obligation (DMO). The new restriction will stay in place for at least six months.
The tightening of restrictions will remove more vegetable oil from a global market already suffering a squeeze in supplies after Russia's invasion of Ukraine, which is a key global supplier of sunflower oil.
https://www.channelnewsasia.com/business...#mdcrecs_s
