Following a move by Indonesia’s government to ban crude palm oil from being exported from the country, 2 ships were caught trying to smuggle the product to India and the United Arab Emirates. There has been a palm oil shortage in Indonesia for the past month since the Russia-Ukraine crisis has impacted the supply of vegetable oil in the country, making palm oil more expensive. The price of CPO in Indonesia spiked from US$0.96 to US$1.03 per litre, to US$1.52 per litre. Indonesian farmers have supported the CPO export ban, saying it’s necessary for supply and affordability of cooking oil […]
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