Palm Oil Export Ban

[Punkasue]

I just saw in the news that Indonesia is banning exports of palm oil starting Thursday. Indonesia is a or the top producer. And the articles I read said it was done to help with "rising domestic prices". It also said that it will cause an increase in the price of other vegetable oils. Worldwide. One article said that palm oil was 60% of global vegetable oil shipments. I didn't realize that palm oil was in so many other products. My first thought after reading the first article was not about food. lol My first thought was, "Oh no. My soap" lol And not because I love palm oil. But because every oil I use will most likely have a price increase.

 

[AliOop]

Wow, thank you for sharing! That will definitely affect the price of all oils, so it's time for me to reach out to my local source for hog fat before prices go up.

 

[justjacqui]

Thanks for the heads up. One article I read said that they expected the ban to only last a month but this will unfortunately have a global effect on all oil prices.

 

[Dooleykins]

Thanks for sharing! I'm sure this will have an impact on prices of other oils.

Luckily I just placed a bulk order of most of my base oils so I should be good for a bit.

 

[TheGecko]

That is a fairly stupid move. No sales, no money. If folks can’t buy your product, they will substitute…and then get used to it. So then when you start selling again, there won’t be any buyers.

 

[Dooleykins]

If their goal is to increase domestic supply and thus lower domestic costs it will do that.

Their bigger goal is probably to reduce the inflation that we're seeing globally, which this won't do much to help since there are so many other variables at play there.

*Takes off economics teacher hat and slowly backs away*

 

[paradisi]

Their stated goal was to reduce domestic food prices.