Jakarta: Indonesia has lifted a ban on palm oil exports, prompting a drop in coking oil prices in the global market.
According to foreign media, the Indonesian government has lifted the ban on palm oil exports three weeks ago, the Indonesian Minister of Economy said that the export of palm oil will resume from Monday. He said that according to the new regulations, the government is trying to bring oil prices in the country below the level of one dollar per liter.
Indonesia accounts for about 60 percent of the world’s palm oil production, but exports were banned at the end of April to reduce rising domestic prices and ensure supply.