InfoSAWIT, JAKARTA – In the recent days, some countries, such as, Brazil, China, and United States of America restricted fuel consumption. As quoted from Reuters, this could increase palm oil demands to be used in renewable fuel production from biodiesel and biofuel in 2022.
While other countries, according to UOB’s report, it is afraid that food inflation could deliver demand tightening or mandate reduction of biofuel usage. “Eventually it could make palm oil cheaper,” Kay Hian of UOB said.
To stabilize palm cooking oil price in our country, since 24 January 2022, Indonesia published a regulation in export activities based on Regulation of Minister of Trade Number 2 / 2022 which is the substitution from Regulation of Minister of Trade Number 19 / 2021 about Export Policy and Management.
What Indonesia published forced palm oil importers from India to substitute palm oil with soybean oil and sunflower oil because the stocks from Malaysia will not be able to cover up the lack of delivery from Indonesia. (T2)