Spike in Cooking Oil Prices: CPO Factor is considered dominant
The Ministry of Trade predicts the surge in cooking oil prices will be more influenced by crude palm oil prices in the global market.
The Director of Basic Needs and Important Goods at the Ministry of Trade, Isy Karim, said that so far there has been no indication of cartel practices that have triggered high cooking oil prices. only a small proportion of cooking oil producers receive supplies of crude palm oil (CPO) from their own managed palm oil plantations. This causes the price of cooking oil products produced to be highly dependent on the purchase price of CPO. Meanwhile, the reference price for CPO refers to the auction price at KPB Dumai. Isy illustrates that the reference price is set at IDR 11,000 per liter with a CPO price calculation of US$ 680 per tonne. "Meanwhile, with the price of cooking oil in simple packaging at around Rp. 18,700 per liter, the price of CPO has reached the range of US$1,380 per tonne," he said. Meanwhile, the daily chairman of the Indonesian Consumers Foundation (YLKI) Tulus Abadi said the alleged cartel practice arose because the price of cooking oil was stable at high above normal levels, even though Christmas and New Year had ended. "YLKI strongly suspects that certain parties are distorting the cooking oil market, especially those with the dimension of unfair business competition, such as cartel practices," he said.
|•SOURCE•| Articles : | Image :WASPADA |
READ MORE
|• NATIONAL •|Guaranteed Cooking Oil Stock
|• INTERNATIONAL •|Property Giant is Still Question-mark
|• TECHNOLOGY •|Rooftop solar power plant investment
|• TIPS AND WISDOM •|Just do a good thing
|• SCIENCE •|INDONESIA Can Be Free from Imports of Fuel by 2030
0 comments: