This is what makes the price of cooking oil expensive in Indonesia

Published 2021년 11월 30일

Tridge summary

The price of cooking oil in Indonesia has seen a significant increase of 29.76% from the start of the year, with bulk, brand I, and brand II cooking oil all experiencing rising prices. This surge is due to a global decline in Crude Palm Oil (CPO) supply, particularly from Malaysia and Indonesia, the world's largest producers, as well as a 6% drop in canola oil from Canada. The energy crisis in countries like India, Europe, and China also plays a role. As many cooking oil producers in Indonesia are not linked to CPO producers, the price of cooking oil is heavily influenced by CPO prices, leading to a sharp increase in the cost of both bulk and packaged oil. The national demand for cooking oil reaches 5.2 million liters, with bulk oil demand approaching 67%, putting pressure on the limited supply.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Jakarta, CNBC Indonesia - The price of cooking oil has soared in recent times, complaints from the public because of its role as a basic need. Based on the National Strategic Food Price Information Center (PIHPS), the national cooking oil price as of November 29, 2021 was recorded at IDR 18,750/kg, up 29.76% year-to-date (ytd) from the beginning of the year. The increase in cooking oil prices was influenced by the increase in 3 types of cooking oil, namely: - Bulk cooking oil Rp 17,700/kg, up 31.11% ytd - Brand I cooking oil Rp 19,200. up 27.15% ytd - Brand II cooking oil Rp 18,800, up 30.10% ytd The increase in cooking oil prices is predicted to continue until the first quarter of 2022. "This (cooking oil) has the potential to continue to move, we even predict that until the first quarter of 2022 it will continue to increase," said Oke Nurwan, Director General of Domestic Trade at the Ministry of Trade, in an Indef webinar, Wednesday (11/24/2021) . According to Oke, there are two ...

Source: Cnbcindonesia