Indonesia, the world's top cooking-oil exporter, says it's going to ban exports of the oil this week, and it's sent the global prices of oils soaring

Palm oil is the world's most widely used vegetable oil used in cooking and a wide range of consumer products.

Palm oil and competing soybean oil prices are jumping on news of the ban.

The world's top palm-oil producer announced that it will ban exports of the commodity starting Thursday, sending the prices of competing vegetable oils soaring.

Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. Palm oil is used for cooking and for the production of thousands of consumer products including biscuits, detergents, and lipsticks.

In a video statement on Friday, Indonesian President Joko Widodo said the move was designed to bring down domestic palm-oil prices and ensure domestic food availability in the wake of global food inflation.

"I will monitor and evaluate the implementation of this policy so availability of cooking oil in the domestic market becomes abundant and affordable," Widodo said, per a Reuters translation.

The move comes as Indonesia has seen recent protests over the high prices of cooking oil, with retail prices gaining more than 40% so far this year, according to Reuters.

The ban is expected to be in place until further notice. Indonesian palm-oil exports are worth about $30 billion a year, according to data provider Statista.

Indonesia's finance minister Sri Mulyani Indrawati told Reuters on Friday the palm oil ban would hurt other countries, but that it was necessary to contain the soaring domestic prices of cooking oil.

Benchmark crude palm-oil futures on the Bursa Malaysia exchange jumped as much as 7% on Monday morning. They are up over 40% year-to-date.

Alternative vegetable-oil prices also spiked in response to the impending ban on palm-oil exports in Indonesia. Benchmark Chicago soybean oil prices hit their highest levels since 2008, Reuters records show.

https://finance.yahoo.com/news/indonesia-worlds-top-cooking-oil-050215020.html

$30 billion revenue every year from palm oil, Nigeria we hail thee

Good for our local market

VoltageDivida:
Good for our local market

There's no serious local market. All eyes on "Our Oyel"!

If you sell foodstuff and you haven't made it in life yet, you really need to go for deliverance because your village people are seriously after you.

The prices of foodstuff have more than tripled since Buhari took over the government. With Indonesia banning palm oil, it means more farmers and traders will smile to the bank.

psychalade:
$30 billion revenue every year from palm oil, Nigeria we hail thee

If Nigerian leaders, especially the governors are serious, each state in Nigeria has the potential to generate $billions year-on-year in revenue from agriculture, creating employment and helping in distributing wealth among people.

Its one of the legacies of PMBs administration.

where is Nigeria when the world need them
Russia - gas now Indonesia - palm oil

Nigerian leaders are very terrible set of human beings.
Indonesia who learnt palm oil business from Nigeria is making 30 billion dollars from palm oil export.
Nigeria only export mere 18 million dollars worth of the product.

I've always said, to become a prosperous nation is not rocket science. We just need visionary leaders who can instill discipline and hard work into the citizens.

Cross River, akwa Ibom, ondo, and some south eastern states can cough out 30 billion dollars worth of palm oil export if diversification is taken seriously in this country.

We really need restructuring and true federalism in this country.

In Buhari s word,go back to farm

If we were serious in this country, almost all the Riverine states would have been self sufficient producing palm oil alone.

Imagine starting the business now.. Chai, see money!