Indonesia: Trade Minister ensures distribution of 1.2 billion liters of cooking oil this week

Published 2022년 1월 12일

Tridge summary

The Indonesian government, led by Trade Minister Muhammad Lutfi, has announced a plan to distribute 1.2 billion liters of simple packaged cooking oil to ensure price stability. This decision comes in response to the market's escalating cooking oil prices, largely due to a significant increase in Crude Palm Oil (CPO) prices. As the world's largest palm oil producer, Indonesia's 2021 palm oil exports reached a record value of US$27 billion, with the price per tonne peaking at US$1,320. The government's goal is to make these essential goods available and affordable, setting a price of Rp. 14,000 per liter.

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Original content

TEMPO.CO, Jakarta - Minister of Trade (Mendag) Muhammad Lutfi guarantees that the government will distribute 1.2 billion liters of simple packaged cooking oil starting this week in order to maintain stability in cooking oil prices. "We will start this week, definitely this week," said Trade Minister Lutfi to reporters at the launch of the ID FOOD Food SOE in the Kota Tua area, Jakarta, Wednesday, January 12, 2022. Trade Minister Lutfi explained various indicators that caused the increase in cooking oil prices in the market, one of which was due to the spike in the price of Crude Palm Oil (CPO), which is the main raw material for cooking oil. According to him, the increase in the price of crude palm oil is one of the goals of Indonesia, which produces the largest palm oil in the world. Throughout 2021 the value of palm oil exports reached US$27 billion, the highest in ...

Source: Tempo