Indonesian President Joko Widodo announced that a ban on the export of palm oil from the country from April 28, 2022 is introduced indefinitely.
Such a decision, according to Joko Widodo, was made in order to "ensure an adequate and affordable supply of edible vegetable oil in Indonesia."
Indonesia is the world's largest producer and exporter of palm oil, previously a ban on the export of this product from Indonesia was introduced at the end of January and lifted in March 2022. The imposition of the ban caused palm oil prices to jump to record highs.
A significant rise in palm oil prices was noted at the end of 2021, and already in 2022 the situation was aggravated by the Russian-Ukrainian conflict, which, according to experts, could significantly limit the supply of vegetable oils on the world market.