Indonesia Palm Oil Export Ban: To control the rising prices in the domestic market, Indonesia (IndonesiaEdible oil from 28th April i.e. today (Palm Oil) decided to stop the export of This decision of Indonesia can have a big impact on India. Explain that India is the largest importer of edible oils and imports 50-60 percent of its edible oil (palm oil). Due to this decision of Indonesia, the common man may have to face more inflation.
Due to the impact on the supply of palm oil, oil prices in the domestic market may be affected. Edible oil prices will increase further. Recently, the President of Indonesia said that the export of edible oil and its raw materials would be banned to meet the domestic shortage and curb skyrocketing prices. This restriction will be effective from Thursday next week and will remain in force indefinitely.
What will be its effect on India?
Actually, India imports 8 million tonnes of palm oil every year from Indonesia and Malaysia. Now imports will decrease if the ban is implemented from today. Of this, 70 per cent comes from Indonesia and 30 per cent palm oil comes from Malaysia. This decision of Indonesia may increase the oil prices already existing in the country. The prices of soybean, mustard and sunflower oils are already high in India. After the ban, their prices will increase further. Due to the ban, everyday things like cosmetics, soaps and shampoos prepared through palm oil can become expensive.
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So will India have to go to other countries for imports?
Sunflower oil prices have already climbed since the start of the war between Russia and Ukraine. In such a situation, this restriction will work to increase the graph of inflation or India will have to move to other countries for imports. Let us tell you that this decision of Indonesia will affect not only India but also many countries of the world because Indonesia supplies most of the edible oil used in the world. Around 72 million tonnes of palm oil is produced worldwide. Of this, up to 85 percent is supplied through Indonesia and Malaysia.
