Indonesia's new palm oil export ban will hurt other countries but is necessary to try to bring down the soaring domestic price of cooking oil driven up by Russia's war in Ukraine, Indonesia's finance minister told Reuters on Friday.
Indonesia's finance minister Sri Mulyani Indrawati said that with demand exceeding supplies, the ban announced earlier on Friday is"among the harshest moves" the government could take after previous measures failed to stabilize domestic prices. FILE PHOTO
Sri Mulyani Indrawati said that with demand exceeding supplies, the ban announced earlier on Friday is "among the harshest moves" the government could take after previous measures failed to stabilize domestic prices. China and India are among big importers of palm oil from Indonesia, the world's largest producer accounting for more than half the world's supply. Palm oil is used in products from cooking oils to processed foods, cosmetics and biofuels.
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