In just five working days, the prices of palm and soybeans have set one record after another in the global commodity market. The record of rising edible oil prices after the Russia-Ukraine war has been broken by the latest announcement of a ban on Indonesian exports.

The decision to suspend Indonesia’s palm oil exports will take effect on Thursday. Before that, the price of soybean increased by about 139 US dollars per ton or 11 rupees and 43 paise per liter in five working days. The inflation rate is 7.63. Similarly, the price of palm oil has gone up by 100 per tonne or Rs 7 per liter.

After the Russia-Ukraine war, soybean oil prices rose sharply to Highest 1,612 on March 11 at the Chicago Board of Trade (CBOT), a commodity market in the United States. Prices were also revised to reduce the intensity of the war and to prolong China’s lockdown. It came down to 61,621 per ton. Soybean oil traded at C 1,798 per tonne in the CBOT on the eve of the announcement of the Indonesian export ban.

Argentina, the top exporter of soybean oil, has announced that it will limit exports, which has had little effect on prices. However, last Friday, Indonesian President Joko Widodo announced a new record for palm oil and soybean prices in a bid to keep his country’s markets bearish. Soybean oil rose by 91,935 per tonne in the CBOT yesterday. This price has increased by 159 rupees per liter. Besides, the price of palm oil has also increased. If these oils are to be imported to the port of Bangladesh, the incidental cost including transportation will be added.

Commodity market analyst Asir Haque told Prothom Alo that the cost of importing palm oil to Bangladesh on the day of the announcement of the Indonesian export ban was 1,060 per tonne. According to the price on Wednesday, it will cost more than ড 100, that is, thousand 1,060 to bring to Chittagong port.

According to a report in the Indonesian daily Jakarta Post, close to 1.40 billion per month of export revenue will be lost due to the export ban.

Bangladesh imports about 1.3 million tons of palm oil annually. 90% of it is imported from Indonesia. Due to lower prices than in Malaysia, more palm oil is imported from Indonesia. Imports from Malaysia are 10 percent.

Soybean and palm oil came under pressure as supplies of sunflower oil were disrupted after the Russia-Ukraine war. Now the announcement of Indonesia’s export ban has affected all types of edible oils.

According to the US Department of Agriculture, the world’s palm oil exports last season amounted to 46.1 million tons. Indonesia accounted for 56 percent or 26 million tons of these exports. Malaysia has exported 15.6 million tonnes, which is 33 percent of global exports. The remaining 11 percent has been exported by several countries