Cooking Oils' Highest Retail Price to Be Revoked: Increased Price of Bulk Cooking Oils

JAKARTADAILY.ID - The cooking oils' highest retail price policy or HET will soon be revoked.

Although it hasn't even been a week since Muhammad Lutfi, the Minister of Trade, conveyed it won't be revoked.

Airlangga Hartanto, the Coordinating Minister for Economic Affairs, said the government would suit the highest retail price to markets' mechanism. The decision was made due to the global uncertainty, which caused the increasing cost of energy and foods supply, leading to a shortage, including in cooking oils stock.

The government will apply the policy both in modern and traditional markets.

"Regarding the price of other packaging [cooking oil], it will adjust the economic value. Thus, it is expected that palm oil will be available in modern and traditional markets," said Airlangga on Wednesday, March 16, 2022.

Previously, the Ministry of Trade has established the highest retail price for bulk and packaged cooking oils.

The policy is included in the Regulation of the Minister of Trade (Permendag) Number 6 of 2022.

However, the government is currently drafting a new Permendag to update the HET regulation, which has been in effect since February 1, 2022.

The new Permendag will begin effectively on Wednesday, March 16, 2022.

Airlangga further explained that the government would also raise the highest retail price for bulk cooking oil, from Rp11,500 to Rp14,000/lt.

Furthermore, the government has asked cooking oils producers to distribute cooking oils to the public.

In addition, the police have been assigned to oversee the cooking oils' distribution and availability in the market.

The article was translated from Pikiran-Rakyat.com's article titled "HET Minyak Goreng Kemasan Rp14 Ribu Siap Dicabut, Minyak Goreng Curah Malah Semakin Mahal".

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