Trade Minister Muhammad Lutfi has called on industries to work closely with the government in stabilizing the price of cooking oil by providing buffer stock.
“We should not ignore this, and we have to cooperate. Here, we called on the industry to provide buffer stock, so (the price) hike would not be a burden on consumers,” Lutfi noted on the sidelines of a coordination meeting on the supply of basic needs ahead of the Christmas and New Year celebrations here on Monday.
According to the minister, the cooking oil stock has reached 624 thousand liters, sufficient to meet the demand for 1.5 months.
The hike in the price of the commodity recently was prompted by the increased price of crude palm oil in the international market.
The CPO price has reached US$1,250 per ton, from US$500 to US$700 per ton earlier.
The ministry has worked in coordination with cooking oil producers to channel 11 million liters of cooking oil into the market to prevent a hike in the commodity’s price.
“Hopefully, within this week, the oil would be delivered to the market,” he affirmed.
Source: Antara News