Cooking Oil Prices Trend Upward, Prompting Calls for Stringent Surveillance

Jakarta City Council Commission B Vice Chairman, Wahyu Dewanto called upon the Industry, Trade, Cooperatives, Small and Medium Enterprises Agency (PPKUKM) to liaise with Perumda Pasar Jaya to oversee the pricing movements of bulk cooking oil in the marketplace.

The new price ceiling is presumably still being finalized by the government

The move aims to curb unwarranted price spikes and preserve consumer purchasing power.

He attributed the ongoing price hike to the surge in global Crude Palm Oil (CPO) prices along with increased distribution costs.

Jakarta’s Cooking Oil Stocks Guaranteed Secure

"The new price ceiling is presumably still being finalized by the government. However, in the field, prices have already gained momentum even though a new official benchmark has yet to be established," he noted, Thursday (6/11).

He maintains that the current situation warrants serious attention from the Jakarta government through more rigorous and intensified oversight. Further, seamless coordination with the central government and Bulog is essential to anticipate market price fluctuations and ensure the sustained availability of cooking oil.

In his view, stock levels must be diligently maintained to avert any shortages that could further exacerbate price hikes.

"Vigilant monitoring is also imperative to prevent any illicit accumulation or hoarding of available cooking oil inventories," he explained.

Wahyu remains optimistic regarding the stabilization of cooking oil prices following the government’s determination of the new price cap. However, he stressed the importance of continuous surveillance to maintain seamless distribution and trading practices.

"Once the new HET is finalized, I anticipate that trading will normalize, provided there are integrated efforts in monitoring and oversight," he asserted.