Indonesia will suspend some palm oil export permits to secure domestic supply amid rising cooking oil prices ahead of Islamic festivals, senior cabinet minister Luhut Pandjaitan said on his official Instagram account.
He said palm oil exporters had accumulated large shipments quota from last year and they now had little incentives to supply the domestic market.
Indonesia issues export quotas for palm oil companies which have sold a proportion of their products to the domestic market, under a policy known as ‘Domestic Market Obligation’ (DMO).
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