Indonesia Reopens Cooking Oil Exports as Supply and Price Improve
20 May 2022 13:49 WIB
TEMPO.CO, Jakarta - Coordinating Minister for Economic Affairs Airlangga Hartarto confirmed that the government decided to lift the ban on the export of cooking oil and its raw materials.
“Based on the data that the [commodity] supply is increasingly being fulfilled and it showed the downward trend in its prices in various regions, as well as to maintain the price of farmers’ FFB (fresh fruit bunches), the President has decided to lift the export ban [effective] on May 23 or Monday next week,” said Airlangga Hartarto in an online press conference in Jakarta, Friday, May 20, 2022.
Since the export ban was imposed on April 28, 2022, he informed that the government had taken steps in monitoring the commodity supply and price in an effort to meet the public needs for affordable cooking oil.
He explained that the domestic demand for bulk cooking oil amounted to 194,634 tons per month. Before the ban was issued, the supply of bulk cooking oil in March could only be met up to 64,626.52 tons, or 33.2 percent of the demand per month.
In April or after the ban, the figure increased to 211,638.65 tons per month or 108.74 percent of the demand, exceeding the national monthly need.
Meanwhile, the price of bulk cooking oil hit Rp19,800 per liter before the export ban was enforced. “But, after the export ban, it dropped to around Rp17,200 to Rp17,500 per liter,” Airlangga claimed.
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