Widodo selected Zulkifli Hasan, the chairman of a political party that joined the ruling coalition last year, as Indonesia’s new trade minister, replacing Muhammad Lutfi, who had been criticized for his handling of the cooking oil situation.
A cooking oil crisis that was initially triggered by the Russia-Ukraine war shook up both domestic Indonesian politics and the global supply chain after the government in April banned all exports of crude palm oil, a key ingredient in cooking oils, amid a series of student protests against skyrocketing food prices.Indonesia and Malaysia are the world’s largest exporters of palm oil, accounting for 85% of global production.
Palm oil prices went up 200% or higher after Indonesia banned the export of cooking oil and its raw materials to reduce local shortages and hold down rising prices.
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