Expect 'further pressure' on cooking oil prices in Singapore as Indonesia bans palm oil exports:

[The_King]

SINGAPORE: Consumers can expect "further pressure" on the price of cooking oil after Indonesia banned palm oil exports, the Ministry of Trade and Industry (MTI) said on Thursday (May 5).

"For now, the export ban is unlikely to have a significant impact on the overall supply availability of cooking oil in Singapore, albeit we can expect further pressure on prices of cooking oil," an MTI spokesperson said in response to queries from CNA.

Indonesia President Joko Widodo announced on Apr 22 that the country would stop exporting palm oil from Apr 28 to help control soaring domestic prices, but provided no details.

On Apr 27, Jakarta said the ban would cover crude palm oil, refined palm oil, refined, bleached and deodorised (RBD) palm olein, palm oil mill effluent, and used cooking oil. RBD palm olein is a key ingredient in cooking oil and is used in anything from snacks to ice cream.

 

The announcement by Indonesia, the world's biggest exporter of palm oil, sent global edible oil prices soaring as supplies were already choked by other factors such as drought and shortages from Russia's invasion of major crop producer Ukraine.

In Singapore, the price of oils and fats rose 6.2 per cent year on year in March, down from 6.7 per cent in February, data from the consumer price index showed.

Singapore gets most of its palm oil from Indonesia and in 2020 imported US$228 million of it, according to the Observatory of Economic Complexity (OEC) which sources data from international trade database BACI.

Singapore also imports palm oil from Malaysia and to a lesser extent Netherlands, Kenya and Vietnam, OEC said.

"While Indonesia is one of our source countries, we also import cooking oil and palm oil from other countries such as Malaysia and China," MTI said.

"Importers and retailers currently have sufficient stocks of cooking oil within Singapore to meet our consumption needs, and importers are able to ramp up imports from alternative sources to mitigate the drop in supply from Indonesia."

The ministry said it is also closely monitoring ongoing developments and will work with key importers and retailers to ensure sufficient supply of cooking oil and palm oil in Singapore.

Source: CNA/hz(rw)

[aaur4man]

knn just airfry sua

[chamfer]

I just bought 18L of cooking oil in my storeroom. 

 

Maybe i should grab some more to standby for more than half a year.

[The_King]

i am not the only one stockpilling oil

 

 

hahahaha

[XianGe]

No indo then buy from truelyasia? 

[Huat Zai]

 

Switch back to butter, it might be healthier if you do it correctly.

[The_King]

5 hours ago, Huat Zai said:

 

Switch back to butter, it might be healthier if you do it correctly.

coconut oil cheaper. butter expensive

[socrates469bc]

13 hours ago, The_King said:

 

Singapore also imports palm oil from Malaysia and to a lesser extent Netherlands, Kenya and Vietnam, OEC said.

"While Indonesia is one of our source countries, we also import cooking oil and palm oil from other countries such as Malaysia and China," MTI said.

 

 

confirm smlj oec and mti dont know what they r talking abt.

 

netherlands dont export palm-based biofuels to sea as eu biofuels prices r more attractive than sea.

 

kenya and vietnam dont even have enough for domestic consumption, so it is even more impossible for them to export.

 

the only reason why this shows up in baci database is most likely due to paper transshipment trade.

 

the most accurate data will be from custom.

 

does kumgong mti knows that tiongland import all its palm requirements and is a net oilseed importer?????

 

so basically when raw material increased, of cos final consumer pay more.

 

nb, this is the quality of mti scholars, is it??????

[socrates469bc]

13 hours ago, chamfer said:

I just bought 18L of cooking oil in my storeroom. 

 

Maybe i should grab some more to standby for more than half a year.

 

12 hours ago, The_King said:

i am not the only one stockpilling oil

 

 

hahahaha

 

10 hours ago, XianGe said:

No indo then buy from truelyasia? 

 

heng, towkay me bot these 2 shares last yr at the lows.

 

so now is bathing in cooking oil with atbgf and her jiemeis.

 

wahahahahahahahah

 

[socrates469bc]

13 hours ago, chamfer said:

I just bought 18L of cooking oil in my storeroom. 

 

Maybe i should grab some more to standby for more than half a year.

 

12 hours ago, The_King said:

i am not the only one stockpilling oil

 

 

hahahaha

 

btw, refined cooking oil can only be kept for a maximum of 3 yrs.

 

the quality will deteriorate after 1 yr with a spike in ffa.

 

so limpeh suggest u all to buy only for 1 yr usage max.

 

unless u all have this tank.

 

[The_King]

9 hours ago, socrates469bc said:

 

 

btw, refined cooking oil can only be kept for a maximum of 3 yrs.

 

the quality will deteriorate after 1 yr with a spike in ffa.

 

so limpeh suggest u all to buy only for 1 yr usage max.

 

unless u all have this tank.

 

my oil is 8month supply , need a few more bottle of EVOO

 

i use EVOO for cooking, frying etc......

Edited May 6, 2022 by The_King