Indonesia To Lift Palm Oil Export Ban, Says President Joko Widodo
Indonesia announced to lift its palm oil exports ban on May 23. The decision was taken by Indonesian President Joko Widodo, which is said to be a major relief for global vegetable oil markets, which reached a massive hit in the past few weeks. Joko said, the decision was taken considering 17 million people, and farmers suffering from the ban. The ban was imposed on April 28, amid Ukraine-Russia war.
Tags: Indonesia, Palm Oil, Export, Ban, President Joko Widdodo
Courtesy: The Free Press Journal
Govt Reduces Import Duty By 5% On Refined Palm Oil
Amid the skyrocketed prices of edible oils in India, the government reduced the basic customs duty on refined palm oil to 12.5% from 17.5%, effective from December 21. This will continue in effect till March 2022, reported PTI. However, the President of Solvent Extractors' Association of India (SEA), Atual Chaturvedi, said it may increase the imports of refined palmolien. ''This is contrary to our principle of Aatam-Nirbharta,'' he… read-more
Tags: Import Duty, Palm Oil, Indirect tax, India, Edible Oils
Courtesy: Press Trust Of India