Figures released by pollster Indikator Politik Indonesia showed that satisfaction with the nation's president, widely known as Jokowi, fell to 58.1% this May.
The figures were the lowest rating since December 2015 when the president's approval slumped to 53%.
The decline, which follows a 12-point drop from January to April this year, comes as Southeast Asia's largest economy has struggled to reign in domestic cooking oil prices, a household staple in Indonesia, and after a shock decision to ban palm oil exports late last month.
Indonesia is the world's largest producer of palm oil and the policy decision stunned global markets.
At the time president, Jokowi said the need for affordable food trumped revenue concerns, and the ban would be lifted after domestic needs were met.
Conducted from May 5-10, the Indikator survey said the decline in Jokowi's approval was primarily related to the rising cost of cooking oil and flow-on inflationary effect, and the gap between policy expectations and realities on the ground, after the export ban failed to see prices drop significantly after the decision.
The poll, which surveyed 1,200 people, found that while almost 90% supported the export ban, more than 72% said cooking oil prices remained less affordable, or not affordable at all.
The presidential palace was not immediately available for comment.
Chief Economics Minister Airlangga Hartarto has said the export ban would stay in place until bulk cooking oil prices drop to 14,000 rupiahs per liter.
As of last Thursday, trade ministry data showed bulk cooking oil was being sold at 16,600 rupiahs per liter.
($1 = 14,620.0000 rupiah)
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