Minyakita Cooking Oil Price Confirmed to Rise

The government has agreed to raise the highest retail price (HET) for Minyakita cooking oil. However, the exact figure and the timing of the increase have not yet been determined. Trade Minister Budi Santoso conveyed this after a ministerial-level coordination meeting on food at the Ministry of Trade office in Jakarta on Thursday. Currently, the HET for Minyakita is set at Rp15,700 per litre. The price has not been agreed upon yet, and the timing for its determination will be decided. We want to observe the development of crude palm oil (CPO) prices first, Budi stated. He noted that CPO prices are currently rising, averaging Rp15,445 per kilogramme. Yesterday it briefly fell again to around Rp14,000. The price of fresh fruit bunches (FFB) also dropped temporarily, but now it has started to rise again, the trade minister said. So we will wait for the price to stabilise. Only then will we determine the figure for the Minyakita highest retail price increase. Perhaps in one or two weeks, we will soon make an adjustment if the CPO price is relatively normal, he added. The minister explained that the rising CPO price is a key factor in the price adjustment. It is not possible when previously the CPO price was Rp12,400 and the Minyakita HET was set at Rp15,700. Now that the CPO price has reached Rp15,500, it is impossible for them to sell Minyakita at Rp15,700, Budi said. Beyond that, production costs, distribution, and packaging costs have also increased. The trade minister also wants farmers to be able to adjust their pricing, as their production costs have certainly risen as well, so that farmers can also adjust according to the price we will set later, he concluded.