Indonesia's President Joko Widodo on Thursday announced that the country would be lifting the month-long ban on palm oil exports from May 23, citing improvement in its supply as well as domestic price of bulk cooking oil.

On April 28, Indonesia had halted shipments of crude palm oil and a few of its derivative products to control the rising prices of domestic oil, rattling vegetable oil markets across the globe.

In an interview to CNBC-TV18, Sandeep Bajoria, CEO of Sunvin Group said that vegetable oil prices have seen their peak.

“Looking at the international situation and the production increases which are happening in palm month to month from now onwards till September and also soybean oil availability in South America being pretty good, I think prices in vegetable oil have already seen their peak and they are now declining.”

He expects slow and steady decline in vegetable oil prices for the next 4-5 months.

“Decline in vegetable oil prices is going to be slow and steady for next 4-5 months. Every month you will see a decline of about USD 50-70 in palm while soybean oil may be see decline of USD 10-20 per month.”

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