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NEW DELHI: Domestic edible oil prices, already high, are set for a surge as Indonesia, the world's largest producer of palm oil, will ban exports from 28 April.
The Indian palm oil industry is concerned that palm oil demand in the country may dip and lose out to edible soft oils in the short term given the higher duties it is subject to after a recent levy revision by the local government.
Farmers barricaded French refineries and fuel depots of Total SA as a protest to the company’s decision of bringing in palm oil. However, Total says that no more than 50 percent of the raw material used at the facility will be “imported palm oil” with suppliers certified by the RSPO. The protests come amidst the backdrop of recent trade agreements for imports not in sync with the French production framework.