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Indonesia to lift palm oil export ban on May 23

Indonesian President Joko Widow has stated that the country will lift its palm oil export ban on May 23 as the price of cooking oil sees a domestic decrease.

In a televised statement, president Jokowi - as he is popularly known - stated that the bulk cooking oil was prized around 19,800 (USD 1.35) per litre before the export ban. The price has since gone down to 17,600, he added.

The the national supply was only 64,500 tonnes in March before the ban was announced. Since the export ban in April, the national supply has since reached 211,000 tonnes according to president Jokowi.

He added that theIndonesian government will continue to monitor the situation to ensure that prices are affordable for the people.