Indonesia: The world knows RI's palm oil king

Published 2022년 12월 29일

Tridge summary

In 2022, Indonesia experienced a record high in cooking oil prices and a market shortage, embarrassing its government as the world's largest palm oil producer. The price surge was attributed to a spike in crude palm oil prices due to the Russo-Ukrainian war. The government then removed price controls, leading to a significant increase in cooking oil prices and scarcity. Following public backlash, the government imposed a maximum retail price for cooking oil, mandated domestic market obligation for exporters, and later banned the export of crude palm oil and its derivatives to control the market and make cooking oil more available and affordable. The export ban was later lifted, and the government continued to monitor the situation to ensure stable cooking oil prices and availability.

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 had set a record in 2022, what's worse, the market had disappeared, causing the government to be dizzy. President Jokowi's government was embarrassed, Indonesia as the world's largest palm oil producer, had to face the fact that there was a scarcity of cooking oil (migor). The price of cooking oil is currently relatively down compared to the peak of the 'crisis' price and scarcity of oil at the beginning of the year. The supply is already normal. The National Food Agency's Price Panel noted that the price of cooking oil on Wednesday (28/12/2022) did increase by IDR 240 to IDR 18,000 per liter of simple packaging. However, for bulk cooking oil it fell by IDR 480 to IDR 14,000 per liter. In modern retail, the price of branded packaged cooking oil is observed to be getting cheaper due to a discount at a minimarket in the Jakarta area. The 1-liter Harumas brand, for example, is discounted by 27% to IDR 16,300 from the previous IDR ...

Source: Cnbcindonesia