Jakarta (ANTARA) - The Ministry of Trade has distributed 11 million liters of cooking oil to 45 thousand retailers, members of the Indonesia Retailers Association (Aprindo), under the efforts to stabilize the commodity's price.
"It (cooking oil) has been distributed," the ministry's Director General of Domestic Trade, Oke Nurwan, stated when contacted by ANTARA here on Thursday.
The edible oil was sold at Rp14 thousand per liter, with maximum purchase of one liter.
Nurwan remarked that the price of cooking oil is expected to show an increasing trend until next year, with crude palm oil (CPO), whose price has skyrocketed, as the raw material.
“Until the first quarter of 2022, (the price) is expected to continue to increase. It is a supercycle commodity that enjoyed a sharp increase in price. In term of the price, it is a blessing. On the other hand, it has had a negative impact on the price of cooking oil," he added.
The price of cooking oil has reached Rp18,300 per liter this week, or an increase of 10.91 percent, as compared to the previous month.
Meanwhile, the CPO price has reached US$1,250 per ton, from US$500 to US$700 per ton earlier.
Earlier, Trade Minister Muhammad Lutfi had called on industries to work closely with the government for stabilizing the price of cooking oil by providing a buffer stock.
According to the minister, the cooking oil stock had reached 624 thousand liters, sufficient to meet the demand for 1.5 months.
