Indonesia has scrapped its export levy for all palm oil products until August 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues.

Indonesia, the world’s biggest supplier of edible oils, has decided to lift the ban on palm oil exports, a development that is expected to bring much-needed relief to the consumers in Bangladesh struggling to afford the cooking oil because of skyrocketing prices.

Indonesia will lift its palm oil export ban from Monday (May 23, 2022), following improvements in the domestic cooking oil supply situation, President Joko Widodo said on Thursday.