Oilita Prices Rise, Ministry Of Trade: Palm Oil Commodity Business Actors Stimulus

Oilita (Photo: dock. Antara)

JAKARTA - Director General of Domestic Trade, Ministry of Trade (Kemendag) Moga Simatupang opened its voice regarding the slight adjustment to the increase in the Highest Retail Price (HET) of Oilita from the previous Rp. 14,000 per liter to Rp. 15,700 per liter.

Moga explained that this step was in accordance with the Regulation of the Minister of Trade Number 18 of 2024 concerning Packaged Palm Oil and Governance of People's Cooking Oil.

According to Moga, in the adjustment process, Regulatory Impact Assessment (RIA) has been carried out or an analysis of the impact of the legislation first so that a nominal increase of Rp. 1,700 has been obtained.

"First, we are in accordance with the laws and regulations, in adjusting laws and regulations, of course there is a Regulatory Impact Assessment (RIA). So there was an assessment like that carried out by the trade policy agency, this figure could be obtained," he explained at a press conference, Monday, August 19.

Moga hopes that this price increase step can also be a stimulus for palm oil (CPO) commodity businesses to shift the export market to within the country.

"Because the world's demand has decreased so that the export rights are reduced. So that there are no more submissions for export rights from business actors. So to stimulate business actors to transfer their CPO markets, the cooking oil market from abroad becomes aroused to market domestically. That is the main goal of doing this HET. So that supply needs can be affordable in the community," he explained.

For information, the decision to adjust the HET of Oilita is stated in the Regulation of the Minister of Trade (Permendag) Number 18 of 2024 concerning Packaged Palm Oil and Governance of People's Cooking Oil.

The Minister of Trade Regulation Number 18 of 2024 also regulates the domestic market obligation (DMO) scheme for People's Cooking Oil, which used to be bulk or packaged, has now been changed to only in the form of Minya Kita. The Minister of Trade 18 of 2024 will take effect on August 14, 2024.