Jakarta, IO – President Joko Widodo’s decision to ban the export of crude palm oil (CPO) and other cooking oil raw materials has created volatility of the palm oil industry. One of the importing countries heavily affected by the policy is India.
Read: CPO ban a repeat of past mistake, says observer
Angshu Mallick, CEO and Managing Director of palm oil conglomerate Adani Wilmar, estimates that the decision will soon be revoked. Mallick posited that Indonesia will not be able to hold its stocks for too long due to limited CPO storage space. He even predicts that Indonesia will reopen CPO exports on May 10.