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Ethiopia Reevaluating Ban on Private Palm Oil Imports

Ethiopian government is reevaluating its ban on private Palm Oil importing companies that has been in place since May 2011, Addis Fortune reported.

The ban was placed following the government’s unsuccessful attempt to regulate the edible oil market with a price cap it had introduced in January and May 2011.

During that time, there were six major importers together with Al-Sam International and Get-AS International importing 3 million liters of Palm Oil per year.

Over the past two weeks, Ministry of Trade (MoT) has been reevaluating its decision to lift the restriction on private oil importing companies, according to Ali Siraj, State Minister for Trade, “bearing in mind the country’s free market policy” he added.

The Ministry should first share its study with the Ministry of Finance and Economic Development (MoFED) and the Council of Ministers before any decisions are made, Ali noted.

Even though pulses and oilseeds are placed in the second and third most important crops in Ethiopia, the government heavily depends on imported oil from Indonesia, Malaysia and Singapore.

Source: Addis Fortune