Indonesia official says no discussion of palm oil export restrictions ahead of Ramadan

The Indonesian government has not held discussions on restricting palm oil exports ahead of the Muslim fasting month of Ramadan, trade ministry official Farid Amir said on Friday.

Palm oil futures prices were on track for a fifth consecutive weekly gain on Friday on output concerns, including market speculation that Indonesia was looking at export restrictions before Ramadan.

Farid said that such a ban had not been discussed.

“I am informed that the news has been driving the crude palm oil prices up,” he said.

In 2022, Indonesia, the world’s top palm oil producer, banned exports of the most widely used vegetable oil due to soaring domestic cooking oil prices, although it was lifted after a few weeks.