Jakarta –
height cooking oil price is still a matter of controversy. Previously, the Business Competition Supervisory Commission (KPPU) stated that it had seen signs of cartel practices on cooking oil prices.
In response to this, the General Chair of the Indonesian Vegetable Oil Industry Association (GIMNI) Bernard Riedo denied the existence of a cartel practice or price agreement on cooking oil carried out by the domestic industry.
“It is not true that domestic (cooking oil-CPO) companies regulate prices. The price of CPO is influenced by global prices, it cannot be domesticated,” he told detik.com, Friday (21/1/2022).
He explained, his height cooking oil price influenced by the source of the raw material, namely CPO (crude palm oil) which is heavily influenced by the world. Moreover, CPO products and their derivatives are still for export.
“Cooking oil as the source of raw material is CPO, CPO is a commodity whose prices are influenced from abroad, because the majority of palm and derivative products are still exported. Second, the price of CPO is also influenced by factors from other vegetable oil prices in the world,” he explained.
He said more than 60% of palm products for export include CPO which is processed into cooking oil, functional fats, biodiesel, oleochemical, and so on.
See also the video ‘Vice President Ma’ruf Asks Trade Minister for Market Operations, Checks Cooking Oil Stock’:
KPPU ends up suspecting a cartel. Check the next page.
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