Login ID:
Partner Login
Contact Us : 7066511911

Indonesia MPs seek palm oil export ban review; industry warns on storage

19 May 2022 3:23 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 19 May (Commoditiescontrol): Indonesian lawmakers on Thursday requested government to review an export ban on palm oil, after the industry groups warned of the country's leading economic contributors could grind to a halt in coming weeks as storage nears full capacity.

Indonesia, the world top palm oil exporter, has since April 28 halted exports of crude palm oil (CPO) and some derivative products in a bid to tame soaring prices of domestic cooking oil.

In a hearing with Finance Minister Sri Mulyani Indrawati, members of parliament's budget committee said in the summary of the meeting they "urge the government to evaluate the CPO export ban", though they did not discuss the policy in detail.

Sri Mulyani told reporters she would raise their request to review the export ban with President Joko Widodo.

Meanwhile, the palm oil industry risked having to halt operations if the export ban was not lifted by the end of the month.

Indonesia has around 6 million tonnes of storage capacity, including at ports, and domestic stocks had reached around 5.8 million tonnes by the start of May, Sahat estimated.

Data from the Indonesia Palm Oil Association showed on Thursday that domestic stock rose to 5.68 million tonnes by the end of March, up from 5.05 million tonnes a month earlier.

Indonesia also implemented partial export restrictions between late-January to mid-March.

Indonesia typically only uses 35 percent of its annual palm oil production at home, mostly for food and fuel.

Hundreds of palm oil farmers this week staged a rally in the capital Jakarta and other parts of the country to protest against a slump in their income.

The export ban was estimated to reduce government revenue by 6 trillion rupiah ($407.33 million) per month, Sri Mulyani told reporters after the committee approved her request for additional energy subsidies. ($1 = 14,730.0000 rupiah)

(By Commoditiescontrol Bureau: +91-22-40015505)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Malaysia's June 1 25 palm oil exports fall 19.6 pct ...
Malaysia's June 1 25 palm oil exports fall 13.2 pct ...
Oil Spot Prices - 25 June 2022
Mustard seed, oil prices gain, cake stays steady
CBOT soybean snaps 4-session losing streak on bargain ...
Top 5 News
Season 2021-22: Kapas arrivals at 5,650 bales on June 2...
Cotton prices fall for 4th day in Maharashtra as offtak...
Cotton down for 3rd straight day in Gujarat amid lacklu...
Malaysia's June 1 25 palm oil exports fall 19.6 pct ...
Malaysia's June 1 25 palm oil exports fall 13.2 pct ...
Top 5 Special Reports
Week Ahead: White Pea prices to remain range bound on l...
Week Ahead: Moong prices unlikely to see fall from curr...
Week Ahead: Kabuli Chickpea to trade on higher side ami...
Week Ahead: Chana may trade firm on increase in seasona...
Week Ahead: Masoor imports may increase as landed cost ...
Copyright © CC Commodity Info Services LLP. All rights reserved.