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Minister Proposes Cooking Oil Price Hike as Rupiah Weakens

19 June 2024 13:47 WIB

TEMPO.CO, JakartaTrade Minister Zulkifli Hasan or Zulhas has proposed an increase in the highest retail price (HET) of government-subsidized packaged cooking oil, MinyaKita, by Rp1,500 to Rp15,500. He said the price adjustment was necessary due to the depreciation of the rupiah exchange rate, which has fallen to Rp16,344 per US dollar from Rp14,500 per US dollar.

“Rupiah used to be Rp14,500 (per US dollar), now it is Rp16,000. There will be a concern if we don't adjust it, such as the high gap in export figures, and then we will be overwhelmed,” Zulhas said at the Trade Ministry office in Central Jakarta on Wednesday, June 18.

Apart from the Rupiah value, Zulhas said that the cooking oil price should be adjusted given the rising price of other basic commodities, such as rice. He mentioned that the rice price on the market has reached Rp12,500 per liter or an increase of Rp1,609. “It's time for [a price hike in] MinyaKita,” he said.

The National Mandate Party (PAN) chairman said that he would propose a price increase of Rp1,500 at the upcoming meeting. If the Trade Ministry could decide for itself, it would immediately issue the policy. However, he assured that the Domestic Market Obligation (DMO) would remain in place.

Director General of Domestic Trade at the Trade Ministry, Isy Karim, said that the HET increase was being calculated and awaiting approval from other ministries and institutions. 

Isy said the government was considering various factors, including the impact of the price hike on inflation and purchasing power, as well as production costs. He claimed that many traders are selling Minyakita above the HET. “The national average price for Minyakita is currently Rp15,000 per liter,” he said.

HAN REVANDA PUTRA | ILONA ESTHERINA

Editor's Choice: Prabowo-Gibran Govt's Debt Burden Estimated at Rp1,300tn per Year: IDEAS

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