Malaysian Palm Oil Council Russia's Post

*Cooking Oil in Short Supply in Indonesia on Panic Buying: Gapki*
Wednesday, March 9, 2022 04:25 PM
By Anuradha Raghu

(Bloomberg) --Cooking oil is in short supply in Indonesia due to panic buying as households are purchasing more than they need, Togar Sitanggang, vice chairman of Indonesian Palm Oil Association (Gapki), said in pre-recorded speech at a conference.
* EARLIER: Indonesia announced new rule for palm oil exporters to allocate 30% of volumes to the domestic market, up from 20%; policy is aimed at ensuring affordable cooking oil for local consumers
* The 20% of CPO export commitments translates to 50k-120k tons a month, Sitanggang said; he didn’t provide figures for 30% allocation
* Govt hasn’t started discussion to lower biodiesel blending mandate
* B40 road test may be postponed to April-May or even later
* READ: Indonesia Sticks With Biodiesel Policy Even as Palm Oil Soars
* Vegetable oil prices will continue to climb, Sitanggang said
Indonesian crude palm oil prices seen at $1,750-$2,250 a ton in next six months on FOB basis; output seen up 2.45% y/y to 48.04m tons
By: via Malaysian Palm Oil Council Russia