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Indonesia to replace cooking oil subsidy with price rules on its raw materials - official

JAKARTA, May 24 (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)

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