Ministry of Trade to Adjust Minyakita Maximum Retail Price

Jakarta (ANTARA) - The Ministry of Trade (Kemendag) plans to adjust the maximum retail price (HET) for cooking oil, Minyakita, in line with an economic review being conducted.

Director General of Domestic Trade at Kemendag, Iqbal Shoffan Shofwan, stated this after the National Coordination Meeting of Kadin’s Trade Sector in Jakarta on Thursday, noting that the government deems it necessary to evaluate the HET, with his office conducting a thorough review of the economic aspects of pricing.

“So there should be an adjustment; our target is to make this adjustment in the near future,” he said.

According to him, this adjustment takes into account the pressures faced by businesses amid current global dynamics.

“Business actors naturally want the price to be adjusted, as CPO prices have also risen. There are also many other supporting prices that must be aligned with current prices,” he said.

He emphasised that Kemendag has gathered various inputs from stakeholders and plans to hold a follow-up meeting with relevant parties.

Furthermore, in the context of distribution, he revealed that the realisation of the Domestic Market Obligation (DMO) for Minyakita from producers to state-owned food enterprises and/or Bulog has reached 49 percent as of 20 April 2024.

“So it’s above the minimum requirement,” he said.

In addition, distribution through state-owned food enterprises is seen as improving efficiency, reflected in the decline of the national average price of Minyakita to around Rp15,800 per litre, compared to before the regulatory revision when it was in the range of up to Rp17,000 per litre.