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Indonesia's President Joko Widodo has announced that his country will ban the export of edible oil and the raw materials used in its manufacture
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With the higher prices of petrol-diesel, CNG and LPG cylinders in India, due to foreign activities, the price of edible oil is now expected to increase further. The reason for this is that Indonesia is preparing to ban the export of edible oils and raw materials for its manufacture in order to reduce domestic shortages and control higher prices.
Indonesian President Joko Widodo has announced that his country will ban the export of edible oil and the raw materials used in its manufacture. However, on the day of his announcement, hundreds of people demonstrated against the inflation of food items in Jakarta, the capital of Indonesia.
Meanwhile, President Joko Widodo said that the ban on the export of edible oils will come into effect from next Thursday, which will continue indefinitely. Widodo said that I will continue to monitor and evaluate the implementation of this policy, so that the availability of edible oil in the country is maintained in sufficient quantity and at a reasonable price.
India is the largest importer of edible oils all over the world. Palm oil is the most widely used in the whole world. Indonesia is the largest exporter of palm oil to the whole world including India. Palm oil prices are already on the rise. Meanwhile, the prices of edible oils, including mustard oil, soybean oil, have registered an increase after the increase in demand in the Delhi market due to a bullish trend in the foreign markets.