JAKARTA (Reuters) – Indonesia will remove its subsidy on bulk cooking oil after May 31 and replace it with a domestic price obligation on the raw materials used to produce it, an official told a parliamentary hearing on Tuesday.
Putu Juli Ardika, Director General for agriculture at the Industry Ministry, was speaking a day after the lifting of a ban on exports of crude palm oil and some of its derivative products, which was imposed to arrest soaring domestic cooking oil prices.
(Reporting by Bernadette Christina Munthe; Writing by Martin Petty; Editing by Kanupriya Kapoor)
