PONTIAN, April 24 — Indonesia’s move to ban exports of its palm oil starting Thursday next week is expected to have a massive impact on the global edible oils and fats market.
“As such, this drastic step taken by Indonesia will definitely have a massive impact on other countries, especially major palm oil importers such as China, India and the European Union. “This imbalance in demand and supply would see prices of palm oil and other competing oils soaring,” he added. As for the local cooking oil retail market, the government’s move to set price control for palm cooking oil sold in polybags and a ceiling price for one kilogramme to five kg bottles of palm cooking oil will be able to protect Malaysian consumers from the effects of surging palm oil prices in the global market.
Source: News Formal (newsformal.com)
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