Cooking Oil Prices Soar as Palm Oil Production Continues to Decline

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Vika Azkiya Dihni 21/04/2022 11:10 WIB

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According to data from the Indonesian Palm Oil Producers Association (GAPKI), Indonesian palm oil production has continuously declined from August 2021 to February 2022.

Palm Oil Production in Indonesia (February 2021 - February 2022)

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Cooking Oil Prices Soar as Palm Oil Production Continues to Decline

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Palm Oil Production in Indonesia (February 2021 - February 2022)

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For several months, Indonesia has experienced a cooking oil shortage. Prices on the market have also become increasingly expensive.

According to the National Strategic Food Price Information Center (PIHPS), until April 20, 2022, the average price of packaged cooking oil in traditional markets was around Rp26,000 per liter.

Meanwhile, the average price of bulk cooking oil was around Rp19,900 per liter, exceeding the Highest Retail Price (HET) set by the government at Rp14,000 per liter.

This has caused much controversy and speculation regarding the causes of the cooking oil shortage and price increases. These range from the rising price of global vegetable oil, increased allocation of palm oil for biodiesel production, to allegations of a cooking oil mafia.

Palm Oil Production Continues to Decrease Since August 2021

Aside from this controversy, the production of palm oil, the main ingredient of cooking oil, has also been steadily declining.

According to data from the Indonesian Palm Oil Association (GAPKI), domestic palm oil production in February 2022 is estimated at 3.8 million tons, down 9.3% from the previous month's 4.2 million tons.

Indonesia's palm oil production in February 2022 consisted of 3.5 million tons of crude palm oil (CPO) and 329,000 tons of crude palm kernel oil (CPKO). Production of both types of palm oil fell by around 9% compared to the previous month.

The production decline in February 2022 was deeper than in January 2022, which saw a monthly decline of only 3%. According to GAPKI, this decrease is due to seasonal factors.

Looking back further, production has been consistently declining since August 2021, as shown in the graph.

Amidst this sluggish production, the average global CPO price has also increased.

"The average CPO CIF Rotterdam price in February 2022 reached US$1,522 per ton, higher than the January price of US$1,358 per ton," GAPKI explained in its press release on Tuesday (April 19, 2022).

"BMKG predicts that the weather throughout 2022 will be normal, but the geopolitical situation creates various uncertainties, so increasing efficiency and productivity is a wise action that must be maintained," GAPKI continued.

(See Also: Three Companies Involved in Palm Oil Corruption, How Much is Their Production?)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Cooking Oil Prices Soar as Palm Oil Production Continues to Decline

Cooking Oil Prices Soar as Palm Oil Production Continues to Decline

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Cooking Oil Prices Soar as Palm Oil Production Continues to Decline

Cooking Oil Prices Soar as Palm Oil Production Continues to Decline

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