The world's biggest palm oil producer, Indonesia, is to ban exports of palm oil amid price hikes accelerated by Russia's invasion of Ukraine. Global vegetable oil prices are already at record highs. It is feared the move will send them -- and prices of related products -- even higher.

Indonesian President Joko Widodo announced last Friday that the government has decided to ban exports of cooking oil and its raw materials starting on Thursday until further notice.

He said the move is aimed at reducing domestic shortages of the oil and holding down prices.

The price of cooking oil in Indonesia has skyrocketed up to 70 percent from a year ago as global demand for palm oil increases. This comes amid concerns over a shortage of sunflower oil, produced mainly in Ukraine and Russia.
The price rises are hitting kitchens in Indonesia.

Palm oil is the most widely used vegetable oil in the country. People complain it has become unaffordable.

The association of Indonesian palm oil producers supports the government's policy. But the export ban is expected to affect companies around the world as the oil is used in a variety of products, including snacks, detergents and cosmetics.