Global business players hope that the Indonesian government policy will not last for too long so the oil palm industry will not be harmed.
“This is a drastic price control measure. We hope it will only be brief so as to avoid adverse impact on the industry,” said one unnamed industry practitioner.
Read: Gov’t to ban cooking oil export starting tomorrow, how will the farmers cope?
Previously, Coordinating Economic Minister Airlangga Hartarto said the export ban on cooking oil and cooking oil raw materials which included crude palm oil (CPO), RPO, RBD Palm Olein, POME, and used cooking oil.
The export ban came into effect today and will remain in place until the price of bulk cooking oil drop back to Rp14,000 per liter. (at)