Households may see some reprieve as cooking oil prices are set to ease with Indonesia lifting it's export ban. Indonesia, the world’s biggest shipper of edible oils, had imposed a ban on exports of palm oil on April 28. Palm oil is used in everything from food to soap to fuel.
The Indonesian govt lifted the the ban after hundreds of farmers rallied to protest the move, saying their incomes have suffered because prices of their fresh fruit bunches plunged.
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Domestic edible oil prices have increased by more than 50% in the last one year, taking cue from global elevated prices due to shortfall in production.
India annually imports 8-8.5 million tonnes palm oil. Almost 45-50% of palm oil comes from Indonesia and the rest from neighbouring Malaysia.