Since November, authorities have unrolled a bewildering array of policy measures including subsidies, export permits and a palm oil levy as well as export bans.
Stocks of edible oil manufacturers zoomed in early trade today after Indonesia, the world's largest exporter of palm oil, announced a ban on its export from April 28. The ban on palm oil exports by Indonesia will push the prices of edible oils higher, which have already been on the boil due to the ongoing Russia-Ukraine war.
The abrupt ban on palm oil exports by Indonesia, its biggest exporter, is expected to rock household economics globally. Palm oil is among the world’s most-used cooking oils, and India’s dependence on Indonesia is expected to deal a supply-side shock. Mint takes a look: