Skip to content
Search
AI Powered
Latest Stories

Indonesia to lift palm oil export ban from Monday

Indonesia to lift palm oil export ban from Monday
This photo taken on April 7, 2022 shows workers transferring crude palm oil to tanker trucks at the Tanjung Emas seaport in Semarang, Indonesia before being distributed to cooking oil packaging factories. (Photo by DAFFA RAMYA KANZUDDIN/AFP via Getty Images)
AFP via Getty Images

Indonesia will lift its palm oil export ban from Monday (May 23), following improvements in the domestic cooking oil supply situation, President Joko Widodo said on Thursday.

The world's top palm oil exporter has since April 28 halted shipments of crude palm oil (CPO) and some derivative products to try to tame soaring prices of domestic cooking oil.


The decision comes despite bulk cooking oil having not yet receded to the targeted 14,000 rupiah (77p) per litre price, as the government considers the welfare of 17 million workers in the palm oil industry, the president said in a video statement.

Jokowi, as the president is known, said the supply of bulk cooking oil has now reached a level greater than what the domestic market needed.

"Average price of (bulk) cooking oil before the export ban in April was 19,800 rupiah per litre and after the ban the average price dropped to around 17,200 to 17,600 rupiah per litre," he said.

Indonesia came up with the ban on exports of the widely used vegetable oil as a means of controlling domestic prices, but pressures have been mounting for it to be eased as farmers protested that there were no demand for their palm fruits.

The ban has rattled global vegetable oil markets that were already struggling after the war in Ukraine removed a big chunk of sunflower oil supply.

Palm oil makes up more than a third of the world's vegetable oil market, with Indonesia accounting for about 60 per cent of palm oil supply.

More for you

Volumatic welcomes new FCA rules safeguarding access to cash

Volumatic welcomes new FCA rules safeguarding access to cash

As industry leaders is cash handling, Volumatic has long supported the use of cash and the importance of maintaining access to cash for both consumers and businesses. The company recognises the importance of the new set of rules created by the Financial Conduct Authority (FCA) two months ago, to safeguard access to cash for businesses and consumers across the UK.

Since introduction, the new rules are intended to ensure that individuals and businesses who rely on cash can continue to access it and the outcome has already sparked the creation of 15 new banking hubs across the UK, including one in Scotland, with many more to follow.

Keep ReadingShow less
Jisp unveils new NPD service

Jisp unveils new NPD service

Retail technology company Jisp has launched an NPD service as part of its new Direct to Retailer business unit.

The new NPD service will allow brands to launch or trial new products in a guaranteed number of convenience store locations, with on the ground review of execution by Jisp’s retail growth manager team, and performance data and insights deliverable through its scanning technology and back-office systems.

Keep ReadingShow less
Tesco launches price cuts in Express convenience stores
File image of Tesco Express

Tesco launches price cuts in Express convenience stores

Tesco is slashing the price of more than 222 own-brand and branded products in its Express convenience stores.

Essentials including milk, bread, pasta and coffee are included in the lines which have been reduced in price by an average of more than 10 per cent at Tesco Express stores. The retail giant has made more than 2,800 price cuts across stores in recent months. With 2,048 of convenience stores at the end of the 2023-24 financial year, Tesco aims to benefit hundreds of thousands of customers from the cheaper deals.

Keep ReadingShow less
vape and cigarette
Photo: iStock

One in five ex-smokers in England now vape, study finds


Summary
1. One in five people who have successfully quit smoking in England currently vape, with an estimated 2.2 million individuals using e-cigarettes as a smoking cessation tool.
2. The increase in vaping among ex-smokers is largely driven by the use of e-cigarettes in quit attempts, with a rise in vaping uptake among people who had previously quit smoking for many years before taking up vaping.
3. While vaping may be a less harmful option compared to smoking, there are concerns about the potential long-term implications of vaping on relapse risk and nicotine addiction. Further research is needed to assess the impact of vaping on smoking cessation outcomes.


Keep ReadingShow less
Bira engages with Treasury on Budget fallout, business rate reform
(Photo by Christopher Furlong/Getty Images)
Getty Images

Bira engages with Treasury on Budget fallout, business rate reform

Independent retailers association Bira has held a meeting with members of the Treasury team to discuss concerns following its robust response to the Government’s recent Budget announcement.

The Budget, labelled by Bira as "devastating" for independent retailers, was met with widespread indignation from Bira members.

Keep ReadingShow less