Jakarta: Despite a strict ban on palm oil exports to Indonesia, coking oil prices could not be reduced, with officials saying the palm oil mafia was responsible for the situation.
In this regard, the Indonesian government has stated that it has to meet the shortage of edible oil locally, so it is currently banning the export of palm oil, which includes all types of crude and refined oil.
Indonesia, the world’s fourth-most populous country and largest exporter of palm oil, has suspended the supply of edible oil to the local market since April last year in a bid to curb rising coking oil prices.
Hundreds of millions of dollars have been lost in the global market due to the strict ban on palm oil, the move is causing hardship to the Indonesian people and the reputation of the rulers.
The Indonesian government is taking all possible measures to curb rising oil prices, but has failed to provide the public with a fair price for oil.
Indonesian officials have promised the public that once exports of coking oil across the country return to Rs 14,000 to 0. 0.9560 per liter, the ban on exports will be lifted.
The price of coking oil in Indonesia is currently at its peak, but data from the Ministry of Commerce shows that the average price of coking oil as of Friday was Rs 17,300 per liter, down from an average of Rs 18,000 in April but 13 per cent in July last year. , Was more than 300 rupees.
In a statement, Indonesian Commerce Minister Mohammad Lotfi blamed the “palm oil mafia” for taking advantage of the situation.