palm oil

President Joko Widodo says the supply of bulk cooking oil has now reached a level greater than what the domestic market needs.

Indonesia, the world top palm oil exporter, has since April 28 halted exports of crude palm oil and some derivative products in abid to tame soaring prices of domestic cooking oil.

They say: 'Malaysian farmers are wearing full smiles, Indonesian farmers suffer.'

Indian oil consumers are keen to increase Malaysian deals and reduce their reliance on Indonesia.

The people most impacted by higher food prices live in the developing world, where a larger percentage of incomes is spent on food.

Plantation Industries and Commodities Minister Zuraida Kamaruddin says the government 'will not want to waste a good crisis'.

The EU imports about 335,000 tonnes of crude palm oil from Indonesia on average per month, representing over 40% of total crude palm oil imports, EU vegetable oil group FEDIOL says.

An economist says Indonesia's export ban, designed to bring down prices in the country and limit shortages, 'comes at the worst time'.

Indonesia produces about 60% of the world's palm oil, with one-third consumed by its domestic market.

The restrictions imposed by Indonesia have driven up global edible oil prices as supplies were already choked by other factors such as drought and shortages after Russia's invasion of major crop producer Ukraine.

Jokowi had the approval of 59.9% of the 1,200 people surveyed by Indikator Politik Indonesia, down sharply from the record high 75.3% in January.

Its palm oil export ban currently only applies to refined palm olein, although authorities say further export bans can be carried out if there is a shortage.