Good news for housewives..! Do you know why..!?

Sowmiya Sriram
Good news for housewives..! Do you know why..!?

Indonesia, the world's largest exporter of edible oil, has announced that it will eliminate its export tax. In this statement, indonesia has canceled the export tax on palm oil until august 31. Thus, there will be no tax rate on palm oil. This may lead to lower oil prices in major importing countries like India. The Indonesian government has also said that the tax cut will not affect the government's revenue. The decision by the world's largest edible oil exporter may come as a blow to major importing countries. This may push the price of oil lower during this very difficult period.
While the company has taken steps to increase domestic supply, it has imposed a ban on exports. Because of this, manufacturers are struggling with excess inventory. In this situation, indonesia has taken such a decision to increase exports.
Although this is a move to increase exports to indonesia, india imports around 8 million tonnes of palm oil from indonesia every year. So this action of indonesia can definitely benefit India.
Indonesia, the largest producer of palm oil, recently lifted its ban after a three-week ban. In this situation, it has canceled the tax to encourage its exports. This may lead to further price reductions. This can be good news for housewives.
Because 60% of India's cooking oil ratio is met through imports. In particular, refined oil accounts for 30% of total palm oil imports. india, which is already the world's largest oil consumer, has taken various measures to control prices. In this case, indonesia has also reduced the tax which may lead to lower prices.
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