Palm..

 

The world's top palm-oil producer announced that it will ban exports of the commodity starting Thursday, sending the prices of edible oils soaring.

Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. Palm oil is used for cooking and for the production of thousands of consumer products including biscuits, detergents, and lipsticks.

Indonesian President Joko Widodo said the move was designed to bring down domestic palm-oil prices and ensure domestic food availability in the wake of global food inflation.

"The move comes as Indonesia has seen recent protests over the high prices of cooking oil, with retail prices gaining more than 40% so far this year, according to Reuters.

The ban is expected to be in place until further notice. Indonesian palm-oil exports are worth about $30 billion in 2021, according to data provider Statista.