GAPKI: Cooking Oil Price Remains Stable During Ramadan

Jakarta - Chairman of the Indonesian Palm Oil Association (GAPKI) Supriyono Joko said cooking oil price remains under control during Ramadan because there is no changes in the domestic market. According to Joko, no changes in demand affects the price.

"The statistic figures remains the same," he said in Jakarta on Saturday.

cooking oil price remains

Joko added the price of cooking oil is likely to be subdued due to domestic demand that experiences no significant changes. This, he said, is what makes the price of crude palm oil (CPO) practically did not experience a surge this month.

"So it makes sense because production costs and demand are the same," he added.

He further said that in this condition, no one can play with the price and it tends to be under control.

In fact, he went on, statistics shows that the domestic market has decreased in the last month. Regarding the availability of CPO, Joko said that its supply is not abundant, even tends to be relatively low.

GAPKI reported that the national CPO supply is only 1.8 million tones at a price of US $ 700 per metric ton.


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