Indonesia will suspend some palm oil export permits to secure domestic supply amid rising cooking oil prices ahead of upcoming Islamic festivals, senior cabinet minister Luhut Pandjaitan said on his official Instagram account.
Palm oil exporters had accumulated large shipment quotas from last year and they now had little incentives to supply the domestic market, he said.
Indonesia, the world's top palm oil exporter, issues export quotas for palm oil companies which have sold a proportion of their products to the domestic market, under a policy known as "Domestic Market Obligation" .Luhut said "exporters can use those export rights after the situation has calmed." Firman Hidayat, an official at the Coordinating Ministry of Maritime and Investment, said around a third of the existing exports quota could be used now, while the rest could be used after May 1.Latest Updates
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