Indonesia will impose “strict sanctions” against those who violate the country’s palm oil export ban to protect the domestic market, Trade Minister Muhammad Lutfi said Thursday.
Indonesia has widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil. This comes just a day after its Chief Economic Minister said the ban will only cover refined, bleached, and deodorized palm olein.
In a statement, Lutfi said the export ban will last until prices of bulk cooking oil drop to 14,000 rupiahs ($0.97) per liter. Trade Ministry data showed that the retail price for bulk cooking oil is around 18,000 rupiah ($1.24).
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