The Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, has revealed that Indonesia is set to lift its ban on the export of crude palm oil in July next month, a move likely to reduce the prices of soap and cooking oil.
“Breaking Good News, I have got assurance from Dr. Sri Mulyani Indrawati, Finance Minister of Indonesia that they are going to lift the ban on the export of crude palm oil next month (July). Prices of soap and cooking oil are likely to reduce,” Ggoobi announced on his Twitter.
Indonesia, which accounts for 59% of global palm oil exports, banned the export of palm oil which is a key ingredient in the production of soap and cooking oil.
The ban saw the country grapple with rising prices of cooking oil and laundry soaps. The retail price of laundry soap doubled in Uganda from Shs3,500 to Shs8,000.
Statistics from the Ministry of Finance, Planning and Economic Development (MoFPED) show that Uganda imported 84 per cent of crude palm oil from Indonesia and Malaysia in 2021.
Ggoobi said the Minister told him they had banned the export of crude palm oil to cater for rising domestic prices.
“They have since addressed the problem and are now ready to resume export. Very good news for us on this Martyrs Day,” he said.
The two met at the ongoing Islamic Development Bank Group Annual Meeting in Egypt.