JAKARTA - Trade Minister Muhammad Lutfi said that the high price of packaged oil was caused by the increase in the price of world crude palm oil or international CPO due to the Russia-Ukraine war.
"Some people ask why the price is high? We know that the Russian invasion of Ukraine caused the prices of goods to be high," he said when met at Pasar Senen, Central Jakarta, Thursday, March 17.
Lutfi said Russia and Ukraine are producing countries for vegetable oil, namely sunflower oil. However, due to conflict, the users of sunflower oil turned to CPO. As a result, the price of CPO increased due to high demand.
"Especially because they produce sunflower oil. Now the substitution is CPO oil, causing the price of CPO to jump from Rp. 14,600 in early February to Rp. 18,000 yesterday. Now it has fallen a little but basically, it has increased due to market mechanisms," he said.
Ukraine stops producing vegetable oil
Director-General of Domestic Trade Oke Nurwan said that the impact of Russia's invasion of Ukraine made the country stop producing vegetable oil.
VOIR éGALEMENT:
"The production of vegetable oil from Ukraine will stop. Even though it has a high supply of 17 percent to the world," he said.
Okay said, with the cessation of vegetable oil supplies from Ukraine, triggering turmoil in the international market. As a result, the price of crude palm oil also increased.
"Prices have definitely gone up. World demand for palm oil is 43 percent," he said.
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