Indonesia, the world's top palm oil exporter, has since April 28 halted shipments of crude palm oil and some of its derivative products in a bid to control soaring prices of domestic cooking oil, rattling global vegetable oil markets.
In a statement, the smallholder farmer's group APKASINDO said since the announcement of the export ban the price of palm fruit had dropped 70% below the floor price set by regional authorities. Indonesian President Joko Widodo imposed the export ban on palm oil and its derivative products used in the making of cooking oil after a series of policies failed to control the price of the basic household food item.
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