World Cooking Oil Prices Skyrocket After President Bans Palm Oil Exports, Denny Siregar Praises Jokowi: Palm Oil Mafia Is Hot, One World Overwhelmed

President Jokowi (Antara)

JAKARTA - World palm oil prices are creeping up. The reason is that President Joko Widodo (Jokowi) imposed a new policy related to this commodity.

Jokowi banned the export of cooking oil and crude palm oil (CPO) starting April 28.

Social media activist Denny Siregar boasts that the impact of Jokowi's policy is not only felt by the palm oil mafia in the country but also has an impact on the country's commodity needs in the world.

"That's @jokowi when he plays chess, it's not the palm mafia here who is hot. One world is in turmoil", said Denny Siregar on his Twitter account, @Dennysiregar7, Tuesday, April 26.

It is known that the price of palm oil substitute commodities, namely vegetable oil, crept up significantly around the beginning of this month.

Followed by sloping soybean oil exports from Argentina, and the dimming of the world's largest exporter of sunflower oil, namely Ukraine, which is being hit by conflict, are several factors for the increase in the world cooking oil prices.

Reuters in a report revealed that soybean oil prices rose above 4.5 percent to 84.03 cents per pound in the United States on Friday, April 22.

The increase hit a record shortly after Jokowi announced a ban on the export of cooking oil and palm oil.