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Domestic edible oil prices, which are already high, are expected to rise further as Indonesia, the world's largest producer of palm oil, announces a restriction on exports on April 28.
In two notifications issued by the Department of Revenue under the Ministry of Finance, it was announced that the customs duty imposed on crude edible oil such as palm oil, sunflower oil and soybean oil have been cut down to zero.
“Due to the heavy dependence on imports for edible oils, it is important to make efforts for increasing the domestic production of edible oils in which increasing area and productivity of oil palm play an important part," the cabinet secretariat averred in a press statement.
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