JAKARTA, May 20 ― Indonesia will impose a domestic sales requirement for palm oil, to shore up local supplies of cooking oil when the world's biggest producer of the edible oil reopens exports next week, the country's economics minister said today.
Jokowi, as the president is popularly known, said he expected cooking oil prices to ease toward the intended target and vowed authorities would closely monitor supply conditions. “The trade ministry will determine the size of the DMO that would be met by each producer and the mechanism to produce and distribute cooking oil to the communities,” he said.
The introduction of the export ban had shocked global edible oil markets. Palm oil, used in everything from margarine to frying fats and shampoo, comprises a third of the world's vegetable oil market, with Indonesia accounting for about 60% of supply.Maybank analyst Ong Chee Ting said international crude palm oil prices were expected to soften after the decision to lift the ban.
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