He made the statement in a press release issued here on Thursday following the implementation of the government's one-price cooking oil policy on Wednesday, under which the price of cooking oil has been capped at Rp14 thousand per liter.
"The Trade Ministry has issued the Trade Minister's Regulation Number 1 of 2022, which in essence serves as the basis for cooperation between the government and producers in the provision of subsidized cooking oil. This is the basis for the government's force to issue the one-price policy of Rp 14 thousand per liter, especially in terms of supply guarantees," he explained.
The government is increasing efforts to cover the cooking oil price difference, which include increasing the subsidy from Rp3.6 trillion to Rp7.6 trillion, he said.
This step has been taken to meet the cooking oil needs of households and micro and small scale industries, he added.
"The budget from the Palm Oil Plantation Fund Management Agency (BPDPKS) is for the next six months," he said.
He emphasized that the government is preparing a policy to ensure the continuity of crude palm oil (CPO) supply to meet the needs of the domestic cooking oil industry.
He asked people to take part in monitoring the one-price cooking oil policy so that there is no hoarding of cooking oil and urged them to report any case of hoarding.
The Coordinating Ministry for Economic Affairs has capped cooking oil prices at Rp14 thousand per liter from Wednesday (January 19, 2022). The one-price cooking oil policy will remain valid for the next six months.
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Translator: Indra Arief, Raka Adji
Editor: Sri Haryati
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