The price of palm oil on the Malaysian Futures Exchange (FCPOc1) fell by 1.26% to MYR 3,930 per ton on Friday, June 21, 2024, from the previous day's close. The CPO price had reached its highest level of MYR 4,579 per ton on Wednesday, April 3, 2024.
Compared to the beginning of the year, the CPO price in the spot market today is up 8.18% (year-to-date/YTD). Similarly, year-on-year (YOY), the CPO price has increased by 8.23%.
Meanwhile, domestically, the price of palm oil in the Medan spot market reached Rp 15,410 per kg at the close of trading on Wednesday, April 17, 2024.
In April 2022, the day before the export ban on CPO was implemented, the price of palm oil in the Medan spot market fell to Rp 19,419 per kg on April 27. From April 28 to May 18, 2022, the CPO price in the Medan spot market fell by 10.08% to Rp 26,453.87 per kg.
As is known, starting April 28, 2022, the government banned the export of cooking oil and its raw materials. This policy was implemented to overcome the scarcity and suppress the soaring price of cooking oil in the domestic market. However, this ban did not prove to be effective in lowering the high price of cooking oil domestically.
In some regions of Indonesia, the price of branded cooking oil remains high. The National Strategic Food Price Information Center (PIHPS) reported that cooking oil prices yesterday were still above Rp 20,000 per kg.
Bengkulu, for example, recorded the highest price of branded cooking oil in Indonesia, at Rp 26,300 per kg. Other regions include Gorontalo (Rp 23,200 per kg), DKI Jakarta (Rp 22,950 per kg), Yogyakarta (Rp 22,950 per kg), and Banten (Rp 22,900 per kg).