Cooking Oil Prices Soar in October 2021

The price of cooking oil (loose/bulk) in Indonesia, already relatively cheap, continues to rise. Based on data from the Strategic Food Price Information Center (PIHPS), the average price of loose cooking oil in traditional markets has reached Rp 17,450 per kilogram (kg).

This figure is up 12.58% compared to October 31, 2021, when it was Rp 15,500/kg. Compared to the end of last year, the price of loose cooking oil has surged 29.26% year-to-date (YTD).

Regionally, the most expensive loose cooking oil is found in Gorontalo, at Rp 22,150/kg. Conversely, the cheapest is in Southeast Sulawesi, at Rp 12,000/kg.

This increase in cooking oil prices is in line with the rising price of crude palm oil (CPO) in the global market. Furthermore, the global economy is recovering, leading to increased demand for commodities, including cooking oil.

According to data from the Commodity Futures Trading Supervisory Agency of the Ministry of Trade (Bappebti), the price of palm oil in the Medan spot market closed at Rp 20,192.37/kg. This figure is up 39.95% year-to-date (YTD) from its position at the end of last year.