Expect ‘further pressure’ on cooking oil prices in Singapore as Indonesia bans palm oil exports: MTI

Consumers can expect “further pressure” on the price of cooking oil after Indonesia banned palm oil exports, the Ministry of Trade and Industry (MTI) said on Thursday (May 5).

“For now, the export ban is unlikely to have a significant impact on the overall supply availability of cooking oil in Singapore, albeit we can expect further pressure on prices of cooking oil,” an MTI spokesperson said in response to queries from CNA.

Indonesia President Joko Widodo announced on Apr 22 that the country would stop exporting palm oil from Apr 28 to help control soaring domestic prices, but provided no details.

On Apr 27, Jakarta said the ban would cover crude palm oil, refined palm oil, refined, bleached and deodorised (RBD) palm olein, palm oil mill effluent, and used cooking oil. RBD palm olein is a key ingredient in cooking oil and is used in anything from snacks to ice cream.

Tags: palm oil, cooking oil, consumers, banned, pressure, exports, price, Indonesia, Singapore