Jakarta, CNBC Indonesia – The price of cooking oil was observed to fall after Eid al-Fitr. However, the bad news is that the prices of a number of other basic necessities have soared.
Citing records from the Strategic Food Price Information Center (PIHPS), the average price of packaged cooking oil brand I in traditional markets as of May 6, 2022 is IDR 25,000/kg. This is the cheapest since March 24, 2022.
It seems that the policies of the government of President Joko Widodo (Jokowi) are bearing fruit. The government has decided to ban the export of Crude Palm Oil (CPO) and its various derivatives as of April 28, 2022, for an undetermined time limit.
Through this policy, the government hopes that the domestic supply of CPO is sufficient so that the price of cooking oil can fall. Previously, the price of packaged cooking oil branded I in traditional markets had touched IDR 27,050/kg, the most expensive since at least 2016.
Even though it has a positive impact, namely lowering the price of cooking oil, the CPO export ban must be paid dearly. Without supplies from Indonesia, the world’s number one producer and exporter, world CPO prices have skyrocketed, even at their highest point in history. However, Indonesia has not been able to take advantage of the high price of CPO, because the government still prohibits exports.
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